Aar Corp Stock Price, News & Analysis

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.

AAR (NYSE: AIR) announces an extension of its exclusive partnership with Unison Industries for an additional 11 years, valued at over $1 billion in sales. The expanded agreement includes new product introductions across various aircraft platforms and enhances AAR's responsibilities in sales strategy, marketing, warehousing, and aftermarket distribution. AAR will also provide 24/7 support for customers using Unison products. This partnership aims to strengthen both companies' positions in the aviation aftermarket and reflects a commitment to growth despite challenging market conditions.

AAR (NYSE: AIR) has appointed Robert F. Leduc to its Board of Directors, expanding the Board from 12 to 13 members. Leduc, a retired President of Pratt & Whitney, brings over 38 years of aerospace industry experience, including leadership roles at United Technologies. His extensive background in aviation, particularly in program management and strategy, is expected to enhance AAR's strategic direction. CEO John M. Holmes expressed confidence in Leduc's contributions to the company as it supports growing commercial and government customer needs.

AAR CORP. (NYSE: AIR) plans to release its fourth-quarter fiscal year 2020 financial results on July 21, 2020, after market close. A conference call to discuss these results is scheduled for the same day at 3:45 p.m. CT, which can be accessed via specific phone numbers for U.S. and international callers. A replay of the call will be available until July 27, 2020. The company, based in Wood Dale, Illinois, operates globally in the aerospace and defense sectors, providing various services including maintenance and repair.