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AAR REPORTS SECOND QUARTER FISCAL YEAR 2018 RESULTS
· Second quarter sales of $449.7 million, up 6% from Q2 FY2017
· Sales growth of 13% in our Aviation Services segment
· Received first task order from the U.S. Department of State and have begun work on the transition phase of the INL/A Worldwide Aviation Support Services contract.
WOOD DALE, ILLINOIS (December 21, 2017) AAR CORP. (NYSE: AIR) today reported second quarter Fiscal Year 2018 consolidated sales of $449.7 million, representing a $25.9 million or 6% increase year over year. This increase was driven by strong sales growth in the Aviation Services segment, which increased 13% from $346.7 million to $391.6 million.
The Company reported a net loss of ($22.6) million, or ($0.66) per diluted share, as it recognized non-cash asset impairment and related charges of $54.2 million in its Expeditionary Services segment due to the completion of certain customer contracts, as well as industry trends affecting the value of certain rotary- and fixed-wing aircraft and support parts. Excluding these non-cash charges, adjusted net income was $12.1 million, or $0.35 per diluted share. Operating results for the affected business within our Expeditionary Services segment unfavorably impacted our consolidated results by ($0.03) per diluted share in the current quarter, excluding these non-cash charges.
Our operating results included robust performance in Aviation Services, which contributed $66.0 million of gross profit, up $10.0 million or 18% over the prior year. We experienced profitability gains across all of our Aviation Services businesses including programs, MRO services, trading and distribution. Gross profit margins at Aviation Services increased from 16% in the prior year quarter to 17% in the current year as increased sales volume improved profitability within the segment.
Our Aviation Services segment continues to experience double-digit growth as we deliver on our industry-leading services. We are executing on our strategy to expand our comprehensive portfolio of aviation services, including supply chain and maintenance solutions, to the global commercial and government markets, said John M. Holmes, President and Chief Operating Officer of AAR CORP. Holmes continued, Im exceptionally pleased with our sales growth to
The following information was filed by Aar Corp (AIR) on Thursday, December 21, 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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