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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.
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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.
AAR CORP. (NYSE: AIR) will release its financial results for the second quarter of fiscal year 2021, ending November 30, 2020, on December 17, 2020, after market close. A conference call to discuss these results is scheduled for the same day at 3:45 p.m. CT. Interested parties can join by calling 866-802-4322 in the U.S. and +1-703-639-1319 internationally. A replay will be available from 7:15 p.m. CT on December 17 until December 22, 2020. AAR is a global aerospace and defense company providing services in over 20 countries.
AAR (NYSE: AIR) has partnered with Fortress Transportation and Infrastructure Investors (NYSE: FTAI) to establish Serviceable Engine Products, focusing on the CFM56 used serviceable material (USM) market. This exclusive seven-year agreement aims to enhance USM inventory for the global aviation aftermarket, leveraging FTAI's inventory of over 200 CFM56 engines. AAR will manage the teardown, repair, marketing, and sales of spare parts, aiming to meet the increasing demand for cost-efficient aviation solutions.
AAR (NYSE: AIR) subsidiary Airinmar has secured a three-year agreement with Volaris, Mexico's leading domestic airline, to enhance aircraft warranty services. This partnership aims to optimize warranty recovery, focusing on airframes, engines, and components. By supporting Volaris' internal management team, the agreement is expected to improve efficiencies and lower unit costs across its fleet of 84 Airbus aircraft. This contract strengthens Airinmar's position within the global airline customer portfolio as it looks to deliver effective warranty management solutions.
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.