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AAR ANNOUNCES FOURTH QUARTER & FISCAL YEAR 2018 RESULTS
· Fourth quarter sales of $474 million, up 5% from $451 million in Q4 FY2017
· Fourth quarter diluted earnings per share from continuing operations of $0.52 compared to $0.48 in Q4 FY2017; on an adjusted basis, $0.54 in Q4 FY2018 compared to $0.49 in Q4 FY2017
· Full year sales of $1.75 billion, up 10% from $1.59 billion in FY2017
· Full year diluted earnings per share from continuing operations of $2.11 compared to $1.51 in FY2017; on an adjusted basis, $1.79 in FY2018 compared to $1.53 in FY2017
WOOD DALE, ILLINOIS (July 10, 2018) AAR CORP. (NYSE: AIR) today reported fourth quarter Fiscal Year 2018 consolidated sales of $473.5 million and income from continuing operations of $18.1 million, or $0.52 per diluted share. For the fourth quarter of the prior year, the Company reported sales of $450.5 million and income from continuing operations of $16.3 million, or $0.48 per diluted share. Our adjusted diluted earnings per share from continuing operations was $0.54 in the current quarter compared to $0.49 in the fourth quarter of the prior year.
Consolidated sales increased $23.0 million or 5.1% from the prior year period reflecting continued growth in Aviation Services from our industry-leading integrated supply chain solutions and parts supply activities. This growth was offset by the wind-down of the KC-10 CLS Program, which had $4.5 million in sales in the current quarter compared to $18.3 million in the prior year quarter.
We are very pleased with the fourth quarter and full year results as well as the progress we made on our long-term strategic growth plan. We drove strong results across all of our businesses, captured multiple new long-term contract awards and made investments to further strengthen the AAR value proposition, said John M. Holmes, President and Chief Executive Officer of AAR CORP.
In June 2018, we successfully completed the transition and ramp-up of the INL/A Worldwide Aviation Support Services (WASS) program. We now have full operational capability at all WASS program locations which include Afghanistan, Iraq, Panama, Peru and Patrick Air Force Base as well as support locations in Brevard County, Florida. In the fourth quarter, WASS contributed $14.1 million of sales and July will be the first month at the full run rate.
The following information was filed by Aar Corp (AIR) on Tuesday, July 10, 2018 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.