Exhibit 99.1

 

AAR REPORTS FIRST QUARTER 2021 RESULTS

 

·First quarter sales of $401 million, down 26% from the prior year reflecting the impact of COVID-19

 

·First quarter GAAP diluted loss per share from continuing operations of $(0.40)

 

·Adjusted diluted earnings per share from continuing operations of $0.17, which exclude the impact of the Composites sale and other items

 

WOOD DALE, ILLINOIS (September 24, 2020) — AAR CORP. (NYSE: AIR) today reported first quarter Fiscal Year 2021 consolidated sales of $400.8 million and loss from continuing operations of $13.9 million, or $0.40 per diluted share. For the first quarter of the prior year, the Company reported sales of $541.5 million and income from continuing operations of $17.1 million, or $0.49 per diluted share. Our adjusted diluted earnings per share from continuing operations in the first quarter of Fiscal Year 2021 were $0.17 compared to $0.57 in the first quarter of the prior year. Current quarter results included net pretax adjustments of $26.2 million, or $0.57 per share, primarily related to the sale of our Composites business, restructuring costs, and CARES Act support.

 

Consolidated first quarter sales decreased 26% from the prior year quarter. Our consolidated sales to commercial customers decreased 48% from the prior year quarter due to the continued impact of COVID-19. Our consolidated sales to government customers increased 10% as a result of strong performance on existing government program contracts as well as shipments against the recently awarded U.S. Air Force pallet contract award in our Mobility business.

 

Sales to government and defense customers were 56% of consolidated sales compared to 38% in the prior year’s quarter reflecting growth from recent government contract awards and the continued impact of COVID-19 on commercial volumes.

 


The following information was filed by Aar Corp (AIR) on Thursday, September 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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