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Aar Corp (AIR) SEC Filing 10-Q Quarterly report for the period ending Sunday, February 28, 2021

Aar Corp

CIK: 1750 Ticker: AIR

 

Exhibit 99.1

 

AAR REPORTS THIRD QUARTER FISCAL YEAR 2021 RESULTS

 

·Third quarter sales of $410 million, down 26% from the prior year reflecting the continued impact of COVID-19

 

·Third quarter GAAP diluted earnings per share from continuing operations of $0.87

 

·Adjusted diluted earnings per share from continuing operations of $0.37, which excludes the impact of CARES Act payroll support and other items

 

·Cash flow from operating activities from continuing operations of $18 million

 

 

WOOD DALE, ILLINOIS (March 23, 2021) — AAR CORP. (NYSE: AIR) today reported third quarter Fiscal Year 2021 consolidated sales of $410.3 million and income from continuing operations of $31.1 million, or $0.87 per diluted share. For the third quarter of the prior year, the Company reported sales of $553.1 million and income from continuing operations of $2.6 million, or $0.07 per diluted share. Our adjusted diluted earnings per share from continuing operations in the third quarter of Fiscal Year 2021 were $0.37 compared to $0.67 in the third quarter of the prior year. Current quarter results included net pretax adjustments of $23.4 million, or $0.50 per share, primarily related to the exclusion of CARES Act payroll support.

 

Consolidated third quarter sales decreased 26% from the prior year quarter. Our consolidated sales to commercial customers decreased 42% from the prior year quarter primarily due to the continued impact of COVID-19. Our consolidated sales to government customers increased 4% as a result of continued strong performance across our global government contracts.

 

Sales to government and defense customers were 49% of consolidated sales compared to 35% in the prior year’s quarter reflecting the growth in our government business as well as the continued impact of COVID-19 on commercial volumes.

 

Gross profit margins increased from 11.8% in the prior year quarter to 21.0% in the current quarter due primarily to the CARES Act payroll support. Adjusted gross profit margin, which excludes the CARES Act payroll support and other items, increased from 16.0% in the prior year quarter to 16.1% in the current quarter despite a 27% decrease in adjusted sales. Sequentially, our adjusted gross profit margin increased from 13.9% in the second quarter to 16.1% in the current quarter.

 


The following information was filed by Aar Corp (AIR) on Tuesday, March 23, 2021 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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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
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Income
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
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: 0001104659-21-040394
Submitted to the SEC: Tue Mar 23 2021 5:24:16 PM EST
Accepted by the SEC: Tue Mar 23 2021
Period: Sunday, February 28, 2021
Industry: Aircraft And Parts

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