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.
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AAR CORP (NYSE: AIR) collaborates with Alaska Airlines to address the anticipated shortage of airline maintenance technicians. Boeing estimates a global need for 739,000 technicians over the next 20 years, with 192,000 required in North America. The partnership aims to recruit candidates from diverse backgrounds through the Flow Through Program, ensuring qualified applicants receive guaranteed interviews after training at AAR facilities. This initiative aligns with Alaska's commitment to diversity, equity, and inclusion, targeting career pathways for 175,000 young people by 2025.
AAR CORP. (NYSE: AIR) reported strong financial results for Q4 FY2021 with sales of $438 million, a 5% increase from the prior year. The company achieved GAAP diluted EPS of $0.41, recovering from a loss of $0.43 in Q4 FY2020. Adjusted diluted EPS soared 81% to $0.47. Operating cash flow improved significantly to $24 million, and gross profit margins rose to 16.4%. However, full fiscal year revenues declined 20% to $1.65 billion, impacted by COVID-19. The company remains optimistic about recovery, especially in government contracts, while maintaining a lower cost structure.
AAR CORP. (NYSE: AIR) will release its fourth quarter financial results for fiscal year 2021, which ended on May 31, 2021, after market close on July 20, 2021. A conference call to discuss the results is scheduled for the same day at 3:45 p.m. CT, accessible via phone for U.S. and international participants. A replay will be available shortly after the call until July 26, 2021. AAR is a global aerospace and defense solutions provider, offering services in over 20 countries across its Aviation and Expeditionary Services segments.
AAR (NYSE: AIR) has entered into a multi-year agreement with Druck, a Baker Hughes business, to provide aircraft-on-ground (AOG) support for engine pressure sensors. This collaboration enhances AAR's existing solutions, ensuring immediate access to pressure measurement technology for their customers, and preventing delays in parts supply. Druck's sensors are renowned for accuracy and reliability in various aviation applications, further bolstering AAR's customer service capabilities and product offerings.
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AAR (NYSE: AIR) announced the election of Ellen M. Lord to its Board of Directors, effective immediately. With extensive aerospace and defense experience, Lord previously served as Under Secretary of Defense for Acquisition and Sustainment and as CEO of Textron Systems. Her expertise is expected to enhance AAR’s leadership and strategic direction. John M. Holmes, President and CEO of AAR, expressed optimism about her contributions, highlighting her significant background in defense and acquisition.
AAR (NYSE: AIR) announces the recognition of its EAGLE Career Pathways program for aircraft maintenance technicians (AMTs) as a nationally registered apprenticeship by the U.S. Department of Labor. This designation enhances the program's appeal, aligning with AAR's workforce development strategy to address the shortage of AMTs. Furthermore, AAR has partnered with the American Association of Port Authorities to bolster apprenticeship opportunities, contributing to economic mobility and skill development in aviation.
AAR CORP. (NYSE: AIR) reported third quarter Fiscal Year 2021 consolidated sales of $410.3 million, down 26% year-over-year, primarily due to COVID-19 impacts. GAAP diluted EPS from continuing operations was $0.87, while adjusted diluted EPS was $0.37, excluding CARES Act support impacts. Sales to government customers rose 4%, comprising 49% of total sales, reflecting growth in this sector. Improved gross margins were noted, increasing to 21.0%, with a focus on cost efficiency bolstering operating margins to 9.7%.
AAR CORP. (NYSE: AIR) will announce its financial results for Q3 of fiscal year 2021, ending February 28, 2021, on March 23, 2021, after market close. A conference call discussing the results is scheduled for the same day at 3:45 p.m. CT. The call can be accessed via designated phone numbers for U.S. and international participants. A replay will be available until March 29, 2021. AAR provides aerospace and defense solutions globally and operates in two segments: Aviation Services and Expeditionary Services.