Aar Corp Stock Price, News & Analysis

AAR (NYSE: AIR) subsidiary Airinmar has signed a new services agreement with Wizz Air to provide comprehensive warranty management services for airframe, engines, and components. This collaboration aims to maximize warranty recovery and minimize aircraft maintenance costs as Wizz Air expands its fleet from 134 Airbus aircraft to an additional 250 on order. The agreement aligns with Wizz Air's strategic growth plans and emphasizes the importance of cost efficiency in maintaining operational performance.

AAR CORP. (NYSE: AIR) reported first quarter Fiscal Year 2021 sales of $400.8 million, down 26% from $541.5 million in the same quarter last year, primarily due to COVID-19 impacts. The company posted a GAAP diluted loss of $(0.40) per share, while adjusted earnings were $0.17 per share, excluding a $26.2 million effect from the sale of its Composites business. Sales to commercial customers fell 48%, while government sales rose 10%, representing 56% of total sales. Cash flow from operations was $39.8 million, significantly aided by CARES Act funding. AAR is hopeful for recovery in commercial aviation.

AAR CORP. (NYSE: AIR) will announce its financial results for Q1 of fiscal year 2021, ending August 31, 2020, after market close on September 24, 2020. A conference call will be held on the same day at 3:45 p.m. CT to discuss the results, accessible via phone. A replay will also be available until September 29, 2020. AAR is a global aerospace and defense aftermarket solutions firm with operations in over 20 countries, offering services through Aviation Services and Expeditionary Services segments.

AAR's subsidiary, Airinmar, has signed a new services agreement with Frontier Airlines to provide comprehensive warranty management and value engineering support. This agreement aims to optimize the recovery of warranty entitlements and minimize repair costs for Frontier's growing A320neo fleet, which includes 100 aircraft in service and an additional 160 on order. The partnership is expected to enhance operational efficiency and cost savings for Frontier, aligning with their commitment to affordable travel.

AAR (NYSE: AIR), a prominent aviation services provider, has been named the "Outstanding Source of Repair" for 2019 by NATO Support and Procurement Agency and IAMCO. This marks the fourth time AAR has received this accolade since 2005. The achievement highlights AAR Aircraft Component Services in Amsterdam for exceptional product quality and support for the NATO AWACS fleet. Leaders from IAMCO and NSPA praised AAR's professionalism and commitment to excellence, reinforcing AAR’s reputation in the aerospace sector.

AAR (NYSE: AIR) subsidiary Airinmar has signed a new services agreement with Air Methods, the largest civilian helicopter operator. This partnership focuses on component warranty management and cost control.

Airinmar will support Air Methods through identifying warranty claims and enhancing existing processes, ultimately aiming to reduce repair costs and improve efficiency across over 300 locations.

Air Methods expects this collaboration to optimize their supply chain for safer emergency medical services.

AAR (NYSE: AIR) has secured a three-year contract with the Royal Netherlands Air Force for maintenance, repair, and overhaul of F-16 jet fuel starters. This contract will be fulfilled at AAR's component repair facility in Amsterdam, which has served the European Participating Air Forces for over 30 years. AAR has previously serviced over 3,500 jet fuel starters, reflecting a strong relationship with the RNLAF. The contract highlights AAR's commitment to quality and cost-effective services in support of the F-16 fleet.

AAR CORP. (NYSE: AIR) reported fourth quarter sales of $416.5 million, a 26% decline from $562.7 million in Q4 FY2019, mainly due to COVID-19 impacts. Full year sales were $2.07 billion, up 1% from $2.05 billion in FY2019. The fourth quarter loss from continuing operations was $15 million, equating to a loss of $0.43 per diluted share. Adjusted diluted earnings per share stood at $0.26. The company is focusing on aligning costs with demand and executed restructuring actions resulting in $27.9 million in pretax charges.

AAR (NYSE: AIR) announced it expects to receive $57.2 million from the U.S. Treasury under the Payroll Support Program of the CARES Act. This funding comprises a $48.5 million grant and an $8.7 million loan, aimed at maintaining salaries and benefits for employees in U.S. airframe and landing gear maintenance operations. AAR must refrain from layoffs and pay cuts until September 30, 2020, and will suspend dividends and share repurchases until September 30, 2021, along with limiting executive compensation until March 24, 2022.