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

Aar Corp

CIK: 1750 Ticker: AIR

 

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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Equity
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Condensed Consolidated Statements Of Operations
Accounting For Stock-Based Compensation
Accounting For Stock-Based Compensation (Details)
Accounting For Stock-Based Compensation (Tables)
Accounts Receivable
Accounts Receivable (Details)
Accounts Receivable (Tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Basis Of Presentation
Business Segment Information
Business Segment Information (Tables)
Business Segment Information - Reconciliation Of Gross Profit To Income (Details)
Business Segment Information - Sales And Gross Profit (Details)
Discontinued Operations
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Financing Arrangements
Financing Arrangements (Details)
Financing Arrangements (Tables)
Government Subsidies
Government Subsidies (Details)
Inventories (Details)
Inventories (Tables)
Legal Proceedings
Legal Proceedings (Details)
Other Non-Current Assets
Other Non-Current Assets - Investments In Joint Ventures (Details)
Restructuring And Impairment Costs
Restructuring And Impairment Costs (Details)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Revenue Recognition - Contract Assets And Liabilities And Remaining Performance Obligations (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Sale Of Composites Business
Sale Of Composites Business (Details)
Sale Of Receivables
Sale Of Receivables (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: AIR
CIK: 1750
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-20-137498
Submitted to the SEC: Fri Dec 18 2020 5:16:28 PM EST
Accepted by the SEC: Fri Dec 18 2020
Period: Monday, November 30, 2020
Industry: Aircraft And Parts

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