Aar Corp (AIR) SEC Filing 10-Q Quarterly report for the period ending Monday, November 30, 2020

Earnings Press Release
10-Q Quarterly Report
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Aar Corp
Ticker: AIR CIK: 1750

Exhibit 99.1

AAR REPORTS SECOND QUARTER FISCAL YEAR 2021 RESULTS

Second quarter sales of $404 million, down 28% from the prior year reflecting the impact of COVID-19

Second quarter GAAP diluted earnings per share from continuing operations of $0.41

Adjusted diluted earnings per share from continuing operations of $0.31, which excludes the impact of CARES Act support and other items

Cash flow from operating activities from continuing operations of $28 million

WOOD DALE, ILLINOIS (December 17, 2020) — AAR CORP. (NYSE: AIR) today reported second quarter Fiscal Year 2021 consolidated sales of $403.6 million and income from continuing operations of $14.4 million, or $0.41 per diluted share. For the second quarter of the prior year, the Company reported sales of $560.9 million and income from continuing operations of $20.1 million, or $0.57 per diluted share. Our adjusted diluted earnings per share from continuing operations in the second quarter of Fiscal Year 2021 were $0.31 compared to $0.64 in the second quarter of the prior year. Current quarter results included net pretax adjustments of $4.7 million, or $0.10 per share, primarily related to the exclusion of CARES Act support partially offset by contract restructuring and exit costs.

Consolidated second quarter sales decreased 28% from the prior year quarter. Our consolidated sales to commercial customers decreased 48% from the prior year quarter primarily due to the continued impact of COVID-19. Our consolidated sales to government customers increased 13% due to strong performance on existing government contracts.

Sales to government and defense customers were 52% of consolidated sales compared to 33% in the prior year’s quarter reflecting growth from government contract awards and the continued impact of COVID-19 on commercial volumes.

The following information was filed by Aar Corp (AIR) on Thursday, December 17, 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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