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AAR Reports Fourth Quarter and Fiscal Year 2013 Results
· Fourth quarter and full year diluted EPS of $0.50 and $1.85, respectively, before adjustment for KC-10 program charge, exceed guidance
· Fourth quarter GAAP diluted EPS of $0.01, after adjustment for the charge
· Full year sales up 3.5% to a record $2.14 billion
· Full year cash flow from operations of $163 million, free cash flow of $125 million
· 2014 guidance reflects expectation for sustained growth and profitability
WOOD DALE, Ill., July 25, 2013 /PRNewswire/ AAR CORP. (NYSE: AIR), a leading, global aviation and aerospace company, today reported fourth quarter and full fiscal year 2013 consolidated results. Fourth quarter sales were $553.8 million and adjusted diluted earnings per share were $0.50, which grew 11% versus the year-ago level of $0.45 per diluted share, excluding charges.
We are pleased with our performance in the fourth quarter and for the full year as we drove record levels of annual sales and free cash flow. In addition, our fourth quarter and full year diluted earnings per share on an adjusted basis were better than expected, said David P. Storch, Chairman and Chief Executive Officer of AAR CORP. We finished the year with momentum in our Aviation Services segment as our revenue, up 7% in the fourth quarter, reflected continued strength in the commercial market and demand for our airlift capability. Our Technology Products segment declined as anticipated, with a strong performance at our Telair commercial cargo systems unit offset by expected softer demand for our Mobility Systems products. We continue to create value for shareholders by growing our business, increasing margins, maintaining a healthy dividend, opportunistically repurchasing shares and generating strong cash flow.
Fourth Quarter 2013 Results
Fourth quarter consolidated sales were $553.8 million versus the prior year level of $563.3 million. Sales in the Aviation Services segment increased 7% to $417.2 million, driven by growth in the Companys commercial supply chain business, continued strength in demand for the Companys airlift services and the delivery of one aircraft to the Colombian Air Force (a second aircraft has been delivered in the first quarter of our fiscal 2014). Fourth quarter sales in the Technology Products segment declined 21% to $136.6 million, largely as a result of expected declines in delivery of mobility products for the defense market, partially offset by strength in commercial cargo systems.
The following information was filed by Aar Corp (AIR) on Thursday, July 25, 2013 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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