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AAR Reports Fourth Quarter and Fiscal Year 2014 Results
· Fourth quarter and full year diluted EPS of $0.43 and $1.83, respectively, exceeding guidance
· Full year sales of $2.04 billion
· Full year cash flow from operations of $139.8 million, free cash flow of $113.3 million
· 2015 guidance of consolidated sales in the range of $2.100 to $2.150 billion and earnings per share in the range of $1.80 to $1.90 reflects expectation for strong performance in supply chain and lower number of flying positions at the airlift business
WOOD DALE, Ill., July 15, 2014 /PRNewswire/ AAR CORP. (NYSE: AIR), a leading, global aerospace and defense company, today reported fourth quarter and full Fiscal Year 2014 consolidated results. Fourth quarter sales were $505.4 million and diluted earnings per share were $0.43. For the fourth quarter of the prior fiscal year, the Company reported sales of $553.8 million and earnings per share of $0.01 after a $29.8 million charge related to the KC-10 program. Full year earnings per share for Fiscal Year 2014 are $1.83, as compared to $1.38 reported in Fiscal Year 2013.
We are pleased with our overall performance in the fourth quarter, said David P. Storch, Chairman and Chief Executive Officer of AAR CORP. In the Aviation Services segment we are seeing positive results from our investment in new supply chain programs that are ramping up, including new customers from the supply chain hub we established in Europe. We have put renewed emphasis on identifying and capturing new business for our MRO facilities and successfully competed and captured wide-body work for Aeromexico, a new customer. Our airlift business was selected by the DoD for new work in Africa and the Vertical Replenishment (VERTREP) program with the Navy. Overall we feel very good about our cash generation for the year allowing us to strengthen our balance sheet and continue to position the Company for growth.
Fourth Quarter 2014 Results
Fourth quarter consolidated sales were $505.4 million versus the prior year level of $553.8 million. Sales in the Aviation Services segment declined 10% to $373.8 million mainly due to softness at the Companys MRO facilities and fewer expeditionary airlift flying positions. Sales in the Technology Products segment declined 4% to $131.6 million, primarily due to lower sales of commercial cargo systems.
During the fourth quarter, and in addition to the new contract wins announced during the March earnings call, AARs Aviation Services segment:
The following information was filed by Aar Corp (AIR) on Tuesday, July 15, 2014 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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