Aar Corp (AIR) 10-Q Quarterly Report December 2022

Wood Dale, Illinois, December 20, 2022 — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, today reported second quarter fiscal year 2023 consolidated sales of $469.8 million and income from continuing operations of $22.5 million, or $0.64 per diluted share. For the second quarter of the prior year, the Company reported sales of $436.6 million and income from continuing operations of $20.8 million, or $0.58 per diluted share. Our adjusted diluted earnings per share from continuing operations in the second quarter of fiscal year 2023 were $0.69, compared to $0.53 in the second quarter of the prior year.

Consolidated second quarter sales increased 8% over the prior year quarter. Our consolidated sales to commercial customers increased 21% over the prior year quarter, primarily due to further recovery in the commercial market. Our consolidated sales to government customers decreased 12% due to the completion of certain government programs, such as our Afghanistan contracts. Sales to commercial customers were 66% of consolidated sales, compared to 59% in the prior year quarter.

“During the quarter, we drove double-digit sales growth in our commercial business as demand for our new parts distribution activities and our maintenance, repair and overhaul services remained strong. We believe the demand for our aftermarket services will continue to increase due to a number of favorable trends such as strong leisure and business travel demand, removal of international travel restrictions, and OEM production challenges that are extending the existing fleet,” said John M. Holmes, President and Chief Executive Officer of AAR CORP.

Gross profit margins were 18.3% in the current quarter, compared to 18.0% in the prior year quarter. Adjusted gross profit margin increased from 16.7% to 18.8%, primarily due to the favorable impact from our actions to reduce costs and improve our operating efficiency.

The following information was filed by Aar Corp (AIR) on Tuesday, December 20, 2022 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

Material Contracts, Statements, Certifications & more

Aar Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: AIR
CIK: 1750
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-22-128706
Submitted to the SEC: Tue Dec 20 2022 5:22:43 PM EST
Accepted by the SEC: Tue Dec 20 2022
Period: Wednesday, November 30, 2022
Industry: Aircraft And Parts