Welcome to our dedicated page for Aar news (Ticker: AIR), a resource for investors and traders seeking the latest updates and insights on Aar stock.
AAR Corp. reports developments across its aerospace and defense aftermarket services business for commercial airlines, government operators, MROs, and OEMs. Recurring news includes operating and financial results, parts supply agreements, aircraft maintenance and component repair activity, government logistics support contracts, and updates to engineering, certification, and aviation software capabilities.
The company’s current reporting structure includes Parts Supply; Repair, Engineering, and Software; Government Solutions; and Legacy Commercial Programs. Company updates also cover completed acquisitions such as Aircraft Reconfig Technologies, distribution relationships for aircraft and engine components, and software platforms including Trax, Aerostrat, and Airvoyant.
AAR (NYSE: AIR) announced the appointment of Lori Knudson as Vice President and Chief Ethics and Compliance Officer, effective October 20, 2021. Knudson will report to General Counsel Jessica Garascia and will oversee AAR’s compliance function, enhancing the company's commitment to ethical standards. Previously, she held a Senior Vice President role at Aegion Corporation, managing compliance and risk. AAR's executives expressed confidence in her ability to foster a strong culture of compliance within the organization.
AAR (NYSE: AIR) announced a five-year renewal of its contract with flydubai for power-by-the-hour (PBH) component pool and repair support for the airline's Next-Generation Boeing 737 fleet. This partnership, which began in 2016, underscores flydubai's trust in AAR's services and their pivotal role in the airline's operations. AAR's VP of Integrated Solutions expressed excitement about the ongoing partnership, emphasizing growth as flydubai expands its services. The renewal highlights AAR's commitment to providing solid aviation support in the rapidly growing Middle Eastern market.
On October 5, 2021, AAR (NYSE: AIR) announced a new fellowship program with Rock Valley College, aimed at addressing future maintenance demands in aviation. Ten students will receive cash awards for tuition and fees, requiring a two-year commitment to work at AAR’s Rockford MRO facility post-graduation. This initiative is part of AAR's EAGLE Career Pathway Program, emphasizing five core values: Ethics, Airworthiness, Greatness, Leadership, and Engagement. AAR aims to enhance workforce skills in both technical and leadership areas.
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AAR CORP. (NYSE: AIR) reported first quarter Fiscal Year 2022 sales of $455.1 million, up 14% year-over-year. The company achieved GAAP diluted earnings per share of $0.31, a significant recovery from a loss of $(0.40) in the previous year. Adjusted diluted EPS rose 206% to $0.52. Cash flow from operating activities was $18 million. Sales to commercial customers surged 53%, while government sales dipped 17%. Despite challenges related to U.S. operations in Afghanistan, new contract awards signal potential growth ahead.
AAR (NYSE: AIR) has extended its power-by-the-hour (PBH) component support contract with Volotea, which began in 2016. The partnership has grown from four A319 aircraft to nearly 40 A320 family aircraft. The new agreement will enhance logistics and support operations across Volotea's 17 European bases, ensuring efficient component repair cycles and inventory access. Volotea's COO emphasized the value and reliability of AAR’s services, while AAR’s VP noted their capability to support Volotea’s expansive growth across over 100 cities in Europe.
AAR (NYSE: AIR) has secured a firm, fixed-price contract with the Department of Energy’s National Nuclear Security Administration for the conversion of a B737-700 aircraft into a FlexCombi configuration. This contract enhances the NNSA's airlift capabilities, supporting critical nuclear deterrent operations. Work will start immediately and be completed within 12 months. AAR's expertise in commercial aftermarket solutions positions it well to deliver quality products at competitive prices, emphasizing the importance of commercial best practices in governmental acquisitions.
AAR (NYSE: AIR) announced an exclusive distribution agreement with Arkwin Industries effective October 1, 2021. This partnership focuses on Arkwin’s engine actuation and commercial aviation products within the aftermarket sector. Arkwin aims to enhance its global customer support by leveraging AAR’s expertise. AAR Senior VP Eric Young emphasized that this agreement will drive growth in AAR’s OEM Solutions business, complementing existing engine offerings like the CFM56, CF34, and CF6.
AAR CORP. (NYSE: AIR) will release its fiscal Q1 2022 financial results on September 23, 2021, after market close. The results pertain to the quarter ending August 31, 2021. A conference call for discussion will occur the same day at 3:45 p.m. CT, accessible via telephone both domestically and internationally. A replay will be available from 7:15 p.m. CT on September 23 until 10:59 p.m. CT on September 29. AAR operates in aerospace and defense and offers various services including parts supply and maintenance.
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