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Aar Corp (AIR) SEC Filing 10-K Annual report for the fiscal year ending Friday, May 31, 2019

Aar Corp

CIK: 1750 Ticker: AIR

Exhibit 99.1

 

For immediate release

 

AAR REPORTS FOURTH QUARTER & FISCAL YEAR 2019 RESULTS

 

·           Fourth quarter sales of $563 million up 19% from $474 million in Q4 FY2018

·           Fourth quarter GAAP diluted earnings per share from continuing operations of $0.76

·           Fourth quarter adjusted diluted earnings per share from continuing operations of $0.64 up 33% from Q4 FY2018

·           Cash flow from operations from continuing operations of $44 million in Q4 FY2019

 

WOOD DALE, ILLINOIS (July 10, 2019) — AAR CORP. (NYSE: AIR) today reported fourth quarter fiscal year 2019 consolidated sales of $562.7 million and income from continuing operations of $26.6 million, or $0.76 per diluted share.  For the fourth quarter of the prior year, the Company reported sales of $473.5 million and income from continuing operations of $18.1 million, or $0.52 per diluted share.  Reported results include tax benefits which reduced income tax expense by $5.1 million, or $0.15 per diluted share, in the current quarter.  Reported results in the prior year’s quarter included tax benefits of $3.2 million, or $0.09 per diluted share.  Our adjusted diluted earnings per share from continuing operations, which excludes these tax benefits and other items, increased 33% to $0.64 in the current quarter from $0.48 last year.

 

Consolidated sales increased 19% over the prior year period from continued growth in our programs and parts supply activities.  Our Aviation Services segment experienced significant growth of 18% driven by strong demand for both new and aftermarket parts as well as successful execution on the WASS program and other government programs.  In our Expeditionary Services segment, sales increased 37% as we began executing against recent contract awards.

 

“We are exceptionally pleased with our strong performance in the fourth quarter.  Our double-digit organic sales growth and solid cash flow generation were driven by the continued strength in our parts supply and programs activities,” said John M. Holmes, President and Chief Executive Officer of AAR CORP.

 

1


The following information was filed by Aar Corp (AIR) on Wednesday, July 10, 2019 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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Inside Aar Corp's 10-K Annual Report:

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)
Business Segment Information
Business Segment Information (Tables)
Business Segment Information - Customers Percentage Of Sales (Details)
Business Segment Information - Geographic Data (Details)
Business Segment Information - Major Customer Markets (Details)
Business Segment Information - Reconciles 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
Other Non-Current Assets
Other Non-Current Assets (Details)
Other Non-Current Assets (Tables)
Other Non-Current Assets - Investments In Joint Ventures (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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Allowance For Doubtful Accounts (Details)
Summary Of Significant Accounting Policies - Contract Assets And Liabilities And Remaining Performance Obligations (Details)
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 - Inventories (Details)
Summary Of Significant Accounting Policies - New Accounting Pronouncements Adopted (Details)
Summary Of Significant Accounting Policies - New Accounting Pronouncements Not Yet Adopted (Details)
Summary Of Significant Accounting Policies - Property, Plant And Equipment, Investments 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: 0001047469-19-004266
Submitted to the SEC: Thu Jul 18 2019 1:29:33 PM EST
Accepted by the SEC: Thu Jul 18 2019
Period: Friday, May 31, 2019
Industry: Aircraft And Parts

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