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December 2021
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.
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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