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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) 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.
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AAR CORP. reported second quarter Fiscal Year 2021 sales of $404 million, down 28% year-over-year. Net income from continuing operations was $14.4 million, or $0.41 per diluted share, compared to $20.1 million, or $0.57 per diluted share, in the previous year. Adjusted EPS was $0.31, excluding CARES Act support. Notably, government sales increased by 13%, comprising 52% of total sales due to new contracts. Gross profit margins improved to 17.2% from 15.3% a year ago. Cash flow from operations rose to $28 million, signaling effective cost management despite ongoing pandemic challenges.
AAR (NYSE: AIR) has renewed its partnership with Viasat (NASDAQ: VSAT) to deliver logistics, repair, and aftermarket management services for in-flight connectivity products. This agreement extends AAR’s role in managing Viasat's aftermarket inventory, which includes components like modems and antennas. The collaboration aims to enhance component availability for Viasat’s airline customers, supporting the growing demand for in-flight connectivity services. Both companies express optimism about the future of their partnership and the services provided.
AAR (NYSE: AIR) has been recognized as the first independent MRO to implement a Safety Management System (SMS), in compliance with FAA, EASA, TCCA, and IATA standards. This initiative aims to enhance safety by proactively identifying potential issues. The SMS is fully operational at AAR MRO facilities in Rockford and Miami, with plans for implementation across other sites in 2021. AAR utilized its proprietary software, APRISe™, to streamline the SMS process.
AAR (NYSE: AIR) was awarded a $148.36 million follow-on contract by Naval Air Systems Command for contractor logistics support for the C-40A aircraft. This contract enhances support for the U.S. Navy’s fleet, including maintenance at AAR’s Oklahoma City facility and logistics at six Naval Air Stations. This win marks AAR’s second consecutive selection for this contract, reinforcing its commitment to quality service. The contract will also introduce new operating sites and additional support services, thereby increasing AAR's operational capacity.
AAR (NYSE: AIR) has established an Aviation Safety and Training Committee (ASTC) at the Board level, aimed at enhancing aviation safety across its operations. The committee will include three independent directors, chaired by retired General Duncan J. McNabb. AAR's commitment to safety is emphasized by the proactive formation of this committee, which will oversee training and safety culture to ensure high standards in aviation service delivery. The initiative reflects AAR's strategic focus on maintaining a robust safety program critical to its operations and customer trust.