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AAR REPORTS FIRST QUARTER 2018 RESULTS
· First quarter sales of $439.2 million, up 8.5% from Q1 FY2017
· Sales growth of 11.0% in our Aviation Services segment
· First quarter diluted earnings per share of $0.31, up 10.7% from Q1 FY2017
WOOD DALE, ILLINOIS (September 19, 2017) AAR CORP. (NYSE: AIR) today reported first quarter Fiscal Year 2018 consolidated sales of $439.2 million and net income of $10.6 million, or $0.31 per diluted share. For the first quarter of the prior fiscal year, the Company reported sales of $404.8 million and net income of $9.5 million, or $0.28 per diluted share. Last years first quarter results included a gain of $2.6 million from the sale of a product line. During the first quarter of Fiscal Year 2018, we recognized a tax benefit of $1.2 million related to incremental tax benefits from stock compensation.
Our Aviation Services segment delivered strong results once again as sales in the first quarter grew 11.0% from last year to $371.3 million, contributing to improved profitability. I am very pleased with our performance as we continue to execute on our strategy to expand our aviation services globally across the commercial and government markets, said David P. Storch, Chairman and Chief Executive Officer of AAR CORP. Sales growth in our industry-leading integrated supply chain solutions, MRO services, and aircraft and parts supply activities more than offset the impact from the wind-down of the KC-10 CLS Program, which contributed $26.9 million less than prior years sales.
During the quarter, we announced new contract awards that expand our comprehensive suite of services to newer generation aircraft. We signed our first Airbus NEO customer to a new long-term component support agreement with Hawaiian Airlines which is expected to start in November 2017. We also signed our first Boeing 737 MAX program with flydubai to provide comprehensive flight-hour component support for 100 aircraft which is expected to start in October 2017.
The following information was filed by Aar Corp (AIR) on Tuesday, September 19, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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