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AAR REPORTS THIRD QUARTER FISCAL YEAR 2018 RESULTS
· Third quarter sales of $456 million, up 12% from $407 million in Q3 FY2017
· Third quarter diluted earnings per share from continuing operations of $0.90, or $0.49 on an adjusted basis, compared to $0.42 in Q3 FY2017
· Sales growth of 11% in our Aviation Services segment
WOOD DALE, ILLINOIS (March 20, 2018) AAR CORP. (NYSE: AIR) today reported third quarter Fiscal Year 2018 consolidated sales of $456.3 million and income from continuing operations of $31.3 million, or $0.90 per diluted share. For the third quarter of the prior year, the Company reported sales of $407.2 million and income from continuing operations of $14.4 million, or $0.42 per diluted share. The current period results include a tax benefit of $13.0 million, or $0.38 per diluted share, to reflect the estimated re-measurement impact of the U.S. Tax Cuts and Job Act on our deferred tax liabilities. Our adjusted diluted earnings per share from continuing operations was $0.49 in the current quarter compared to $0.42 in the third quarter of the prior year. We have decided to pursue the sale of our contractor-owned, contractor-operated (COCO) business formerly included in our Expeditionary Services segment. As a result, the COCO business has been reported as discontinued operations for all periods presented.
Sales in Aviation Services increased 11.4% in the quarter over the prior year representing a continuing trend of double-digit year over year growth. The strong sales growth in our industry-leading integrated supply chain solutions and parts supply activities has more than offset the impact from the wind-down of the KC-10 CLS Program which declined to $3.6 million in sales in the current quarter from $24.3 million in the prior year quarter.
Sales in Expeditionary Services increased $5.5 million or 22.5% from the prior year period primarily reflecting the continued recovery in sales volumes for our mobility products business.
Our strategy of driving sales growth across all of our connected businesses through our best-in-class aviation services is on track, said David P. Storch, Chairman and Chief Executive Officer of AAR CORP. Storch continued, Our differentiated capabilities provide us the basis to continue on our existing growth trajectory as we progress through our long-term transformation.
The following information was filed by Aar Corp (AIR) on Tuesday, March 20, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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