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Aar Corp (AIR) SEC Filing 10-K Annual report for the fiscal year ending Thursday, May 31, 2018

Aar Corp

CIK: 1750 Ticker: AIR

Exhibit 99.1

 

For immediate release

 

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.

 

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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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Income
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (details)
Accumulated Other Comprehensive Loss (tables)
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts (details)
Allowance For Doubtful Accounts (tables)
Business Segment Information
Business Segment Information (tables)
Business Segment Information - Geographic Data (details)
Business Segment Information - Recon Of Segment Gross Profit To Income (details)
Business Segment Information - Sales By Product And Services (details)
Business Segment Information - Segment Data (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Aircraft Sale-leaseback (details)
Commitments And Contingencies - Operating Lease, Rental Expense, Purchase Obligations (details)
Discontinued Operations
Discontinued Operations (details)
Discontinued Operations (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (details)
Employee Benefit Plans (tables)
Employee Benefit Plans - Future Benefit Payments And Defined Contribution Plan (details)
Employee Benefit Plans - Reconciliation Of Level 3 Pension Assets (details)
Employee Benefit Plans - Reconciliation Of Pension Assets (details)
Financing Arrangements
Financing Arrangements (details)
Financing Arrangements (tables)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Legal Proceedings
Legal Proceedings (details)
Other Noncurrent Assets
Other Noncurrent Assets (details)
Other Noncurrent Assets (tables)
Other Noncurrent Assets - License Fees (details)
Sale Of Receivables
Sale Of Receivables (details)
Selected Quarterly Data (unaudited)
Selected Quarterly Data (unaudited) (details)
Selected Quarterly Data (unaudited) (tables)
Stock-based Compensation
Stock-based Compensation (details)
Stock-based Compensation (tables)
Stock-based Compensation - Restricted Stock (details)
Stock-based Compensation - Stock Options (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Financial Instruments (details)
Summary Of Significant Accounting Policies - Goodwill (details)
Summary Of Significant Accounting Policies - Intangibles (details)
Summary Of Significant Accounting Policies - Inventory (details)
Summary Of Significant Accounting Policies - New Accounting Pronouncements (details)
Summary Of Significant Accounting Policies - Property, Plant And Equipment And Supplemental Information On Cash Flows (details)
Summary Of Significant Accounting Policies - Revenue Recognition (details)
Summary Of Significant Accounting Policies - Rotable Assets And Equipment Under Leases (details)
Summary Of Significant Accounting Policies - Treasury Stock (details)
Ticker: AIR
CIK: 1750
Form Type: 10-K Annual Report
Accession Number: 0001047469-18-004978
Submitted to the SEC: Wed Jul 11 2018 4:59:41 PM EST
Accepted by the SEC: Wed Jul 11 2018
Period: Thursday, May 31, 2018
Industry: Aircraft And Parts

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