Jan 17, 2020, 10:49 EST
Jan 17, 2020, 10:49 /Comserve / -- The sales witnessed a significant increase from USD 493 million in 2nd Quarter of FY19 to USD 561 million in Q2 FY20
AAR Corp. (NYSE: AIR), one of the leading provider of aviation services globally for commercial, military and government purposes, reported the fiscal year 2020 results for second quarter. The company reported consolidated sales of USD 560.9 million along with income from continuing operations of USD 20.1 million and a price of USD 0.57 per diluted share. The results can be compared with the results of second quarter of fiscal year 2019, for which the company reported combined sales of USD 493.3 million, income from continuing operations of USD 11.2 million and USD 0.32 per diluted share.
A 14% increase in consolidated sales as compared with the previous year was observed in FY 2020. The adjusted diluted earnings per share from continuing operations were USD 0.64 in second quarter of current year, while it was USD 0.60 in the corresponding quarter of the previous year.
AAR Corp further announced two agreements within the company’s Airinmar subsidiary, a provider of aircraft warranty and component repair cycle management solutions. The first contract was signed with JetBlue as a three-year agreement to provide component value engineering cost oversight services. The other contract was signed with Alaska Airlines for conducting a digital trial of AAR Corp.’s Airvolution platform that provides access to the company’s proprietary business intelligence and analytics abilities and delivers maximum visibility into the component repair cycle of airlines.
The reported second quarter sales in financial year 2020 to defense and government customers were 33% of the total consolidated sales and to commercial customers, it was 67% of the consolidated sales. The sales in all three segments reflected significant growth over the previous year, which reported consolidated sales of 32% and 68% to the government and defense customers and commercial customers respectively.
About AAR Corp.
AAR Corp. is a global company that offers various aerospace and defense aftermarket solutions and services, including parts supply; integrated solutions; OEM solutions; maintenance, repair, overhaul; and engineering. The company consists of over 6,000 employees in more than 20 countries and is headquartered in the Chicago area.
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