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AAR REPORTS FOURTH QUARTER AND FISCAL YEAR 2012 RESULTS
· Fourth quarter sales of $563 million, up 15.5% year-over-year
· Fourth quarter diluted earnings per share of $0.45 before special items, $0.32 on a reported basis
· Fourth quarter cash flow from operations of $76 million
· Fiscal year 2012 sales of $2.065 billion, up 14.4% year-over-year
· Fiscal year 2012 diluted earnings per share of $1.65
WOOD DALE, ILLINOIS (July 17, 2012) AAR (NYSE: AIR) today reported fourth quarter fiscal 2012 results that were in line with the preliminary results released on June 14, 2012. Fourth quarter sales were $563.3 million and diluted earnings per share were $0.45 before the effects of special items and $0.32 after the effects of the special items. For the fourth quarter of last fiscal year, the Company reported sales of $487.8 million and $0.52 diluted earnings per share.
For the Companys fiscal year 2012, sales were a record $2.1 billion, a 14.4% increase versus the prior year, and net income attributable to AAR was $67.7 million, or $1.65 per diluted share, compared with sales of $1.8 billion, net income attributable to AAR of $69.8 million and diluted earnings per share of $1.73 in the prior fiscal year.
Sales to commercial customers increased 48.5% compared to the fourth quarter of last year and 32.4% in fiscal 2012 compared to fiscal 2011. Fourth quarter sales growth included 16.5% organic sales growth to commercial customers primarily due to strength in the Companys Aviation Supply Chain and Maintenance Repair and Overhaul segments. The balance of the commercial sales growth came primarily from the newly acquired businesses, Telair and Nordisk, which were acquired by the Company in early December 2011. Sales to commercial customers represented 60% of total sales for the fourth quarter of fiscal 2012.
Sales to government and defense customers decreased 13.5% in the fourth quarter and 1.9% for the fiscal year. The sales decline was primarily due to lower program activity at the Companys defense logistics business and the fourth quarter fiscal 2012 adjustment to the KC10 support contract.
Commenting on fourth quarter results in the Companys commercial markets, David P. Storch, Chairman and Chief Executive Officer of AAR CORP. stated, We had exceptional sales growth in our
The following information was filed by Aar Corp (AIR) on Wednesday, July 18, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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