Please wait while we load the requested 10-Q report or click the link below:
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.
View differences made from one quarter to another to evaluate Aar Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Aar Corp.