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AAR REPORTS FIRST QUARTER 2019 RESULTS
· First quarter sales of $466 million, up 17% from Q1 FY2018
· First quarter diluted earnings per share from continuing operations of $0.54 compared to $0.32, or $0.33 on an adjusted basis, in Q1 FY2018
· Adjusted diluted earnings per share from continuing operations up 64% from Q1 FY2018
WOOD DALE, ILLINOIS (September 25, 2018) AAR CORP. (NYSE: AIR) today reported first quarter Fiscal Year 2019 consolidated sales of $466.3 million and income from continuing operations of $18.9 million, or $0.54 per diluted share. For the first quarter of the prior year, the Company reported sales of $397.9 million and income from continuing operations of $11.0 million, or $0.32 per diluted share. Our adjusted diluted earnings per share from continuing operations were $0.54 in the current quarter compared to $0.33 in the first quarter of the prior year.
Consolidated sales increased $68.4 million or 17.2% over the prior year period due to continued strength in our trading, distribution and programs activities as well as the successful launch of the INL/A Worldwide Aviation Support Services (WASS) program, which achieved full run-rate in July. The WASS program contributed $43.2 million of sales in the quarter, which were partially offset by the wind-down of the KC-10 CLS program, which had $2.5 million in sales in the current quarter compared to $11.7 million in the prior year quarter. Excluding the impact from the KC-10 and WASS programs, our Aviation Services sales grew 9.2% year over year.
Our year is off to a great start with double-digit sales growth driven by the continued strength in our commercial and government programs, as well as our parts supply businesses. We are successfully executing on our recent contract awards and remain focused on delivering world class solutions to both our commercial and government customers, said John M. Holmes, President and Chief Executive Officer of AAR CORP.
The following information was filed by Aar Corp (AIR) on Tuesday, September 25, 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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