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AAR REPORTS FOURTH QUARTER AND FISCAL YEAR 2016 RESULTS
· Fourth quarter sales of $458.2 million, up 10.2% from Q4 FY2015
· Fourth quarter diluted earnings per share from continuing operations of $0.32
· Fourth quarter cash flow from operations of $46.0 million
· Full year sales of $1.66 billion, up 4.3% from full year Fiscal 2015
· Fiscal Year 2017 guidance: consolidated sales of $1.7 billion to $1.8 billion and diluted earnings per share from continuing operations of $1.30 to $1.40
WOOD DALE, ILLINOIS (July 12, 2016) AAR CORP. (NYSE: AIR) today reported fourth quarter Fiscal Year 2016 consolidated sales of $458.2 million and income from continuing operations of $11.2 million, or $0.32 per diluted share. For the fourth quarter of the prior fiscal year, the Company reported sales of $415.8 million and loss from continuing operations of $82.1 million, or $2.12 per diluted share. The prior year period included pre-tax restructuring charges of approximately $74.5 million and a pre-tax make whole premium of $45.6 million incurred upon the early redemption of high-yield notes in that period.
Fourth quarter performance was in line with our expectations as the Company benefitted from recent investments and strong execution, said David P. Storch, Chairman, President, and Chief Executive Officer of AAR CORP. In Aviation Services, fourth quarter sales grew 11.2% from last year to $400.4 million due to strength across the segment, while in Expeditionary Services, sales grew 4.0% to $57.8 million, which included the successful launch of our Falkland Islands search and rescue program. Operating cash flow for the quarter was a robust $46.0 million, nearly four times net income of $12.0 million.
The Aviation Services segment reported fourth quarter gross profit of $63.1 million and gross profit margin of 15.8%. The Expeditionary Services segment, which remains under market pressure, reported fourth quarter gross profit of $1.1 million and gross profit margin of 1.9%.
The following information was filed by Aar Corp (AIR) on Tuesday, July 12, 2016 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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