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AAR REPORTS SECOND QUARTER FISCAL YEAR 2019 RESULTS
· Second quarter sales increased 17% to $493 million in Q2 FY2019
· Second quarter diluted earnings per share from continuing operations of $0.32 after a charge for bad debt expense, or $0.59 on an adjusted basis
· Adjusted diluted earnings per share from continuing operations up 51% from Q2 FY2018
WOOD DALE, ILLINOIS (December 18, 2018) AAR CORP. (NYSE: AIR) today reported second quarter fiscal year 2019 consolidated sales of $493.3 million and income from continuing operations of $11.2 million, or $0.32 per diluted share. Second quarter results included a non-cash pre-tax charge of $12.4 million, or $0.27 per diluted share, driven by a European airline customer bankruptcy. For the second quarter of the prior year, the Company reported sales of $420.6 million and income from continuing operations of $13.2 million, or $0.38 per diluted share. Our adjusted diluted earnings per share from continuing operations increased 51% from $0.39 last year to $0.59 in the current quarter.
Consolidated sales increased 17.3% over the prior year period due to continued growth in our trading, distribution and programs activities. Excluding the impact of the wind-down of the KC-10 CLS program and despite softness in our MRO activities, our Aviation Services sales grew 21.0% year over year.
Our robust growth continued into the second quarter driven by exceptional performance in our trading, distribution and programs activities. These strong results were adversely impacted by a charge related to the bankruptcy of a European program customer which occurred late in the quarter. While this was an unfortunate development, overall we are confident in the strength and quality of our diverse customer base, said John M. Holmes, President and Chief Executive Officer of AAR CORP.
The following information was filed by Aar Corp (AIR) on Tuesday, December 18, 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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