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AAR REPORTS RECORD THIRD QUARTER FISCAL YEAR 2020 RESULTS
|·||Third quarter sales of $553 million, up 4% from $530 million in Q3 FY2019|
|·||Third quarter GAAP and adjusted diluted earnings per share from continuing operations of $0.07 and $0.67, respectively|
|·||Adjusted diluted earnings per share from continuing operations up 8% from Q3 FY2019|
|·||Third quarter cash flow from operating activities from continuing operations of $10 million|
WOOD DALE, ILLINOIS (March 24, 2020) — AAR CORP. (NYSE: AIR) today reported third quarter Fiscal Year 2020 consolidated sales of $553.1 million and income from continuing operations of $2.6 million, or $0.07 per diluted share. Third quarter results included a predominantly non-cash pretax charge of $24.7 million primarily resulting from restructuring and exiting underperforming contracts in commercial programs. For the third quarter of the prior year, the Company reported sales of $529.5 million and income from continuing operations of $27.4 million, or $0.78 per diluted share. Our adjusted diluted earnings per share from continuing operations were $0.67 in the current quarter compared to $0.62 in the third quarter of the prior year.
Consolidated sales increased 4% over the prior year period due to continued growth across our Aviation Services segment, which experienced sales growth of 7%. Excluding the sales impact of the restructuring actions of $9.8 million, Aviation Services sales grew 9% during the quarter primarily from execution on our government contracts. Sales to government and defense customers represented 35% of our consolidated sales in the current quarter compared to 33% in the prior year quarter reflecting growth from new government programs.
“While we saw record results during our third quarter, our attention is focused on the unprecedented impact to our airline customers from COVID-19. Our strategy to maintain a balanced portfolio across the government, commercial and cargo markets, along with our strong balance sheet, including net leverage of 0.9x, liquidity of over $425 million and no meaningful debt maturities until September 2024, sets us up well to navigate the COVID-19 impact. We are in discussions with our airline customers and will actively manage our costs to align with the current reality,” said John M. Holmes, President and Chief Executive Officer of AAR CORP.
The following information was filed by Aar Corp (AIR) on Tuesday, March 24, 2020 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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