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. (NYSE: AIR), headquartered in Wood Dale, Illinois, is a prominent global aerospace and defense contractor with operations in over 20 countries and a workforce of more than 6,500 employees. AAR provides an extensive range of services and products tailored to the aviation and defense sectors. The company's core operations are divided into two main segments: Aviation Services and Expeditionary Services.
Aviation Services encompasses maintenance, repair, and overhaul (MRO) services, parts supply, and integrated solutions for both commercial and government customers. AAR is a leading provider of aftermarket support, ensuring the longevity and reliability of aircraft through advanced repair solutions and efficient supply chain management. The recent acquisition of Triumph Group's Product Support business has significantly enhanced AAR's capabilities in the MRO sector, particularly in the Asia-Pacific region.
Expeditionary Services involves providing mobility solutions, including airlift operations, for government and defense clients. This segment supports the U.S. Department of Defense and various international programs, ensuring the seamless movement of personnel and equipment.
AAR's entrepreneurial culture emphasizes innovation and efficiency, with a focus on being 'close-to-the-customer.' This approach has led to numerous strategic partnerships and contract extensions, such as the multi-year agreements with Philippine Airlines and Cebu Pacific, solidifying AAR's presence in the global aviation market.
Financially, AAR has demonstrated robust performance, with recent quarterly sales reaching $567 million, reflecting a 9% increase over the previous year. The company continues to prioritize growth through strategic acquisitions and expanding its service offerings, as evidenced by the recent extension of its V2500 engine component distribution agreement with Sumitomo Precision Products.
AAR's commitment to environmental, social, and governance (ESG) practices has also been recognized, earning accolades such as America's Best Climate Leaders 2024 and inclusion in Newsweek's America's Greatest Workplaces for Diversity 2024.
For investors seeking comprehensive and up-to-date information on AAR Corp.'s performance and developments, AAR remains a pivotal entity in the aerospace and defense industry, championing both operational excellence and sustainable growth.
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.
AAR CORP. (NYSE: AIR) reported first quarter Fiscal Year 2021 sales of $400.8 million, down 26% from $541.5 million in the same quarter last year, primarily due to COVID-19 impacts. The company posted a GAAP diluted loss of $(0.40) per share, while adjusted earnings were $0.17 per share, excluding a $26.2 million effect from the sale of its Composites business. Sales to commercial customers fell 48%, while government sales rose 10%, representing 56% of total sales. Cash flow from operations was $39.8 million, significantly aided by CARES Act funding. AAR is hopeful for recovery in commercial aviation.
AAR CORP. (NYSE: AIR) will announce its financial results for Q1 of fiscal year 2021, ending August 31, 2020, after market close on September 24, 2020. A conference call will be held on the same day at 3:45 p.m. CT to discuss the results, accessible via phone. A replay will also be available until September 29, 2020. AAR is a global aerospace and defense aftermarket solutions firm with operations in over 20 countries, offering services through Aviation Services and Expeditionary Services segments.
AAR's subsidiary, Airinmar, has signed a new services agreement with Frontier Airlines to provide comprehensive warranty management and value engineering support. This agreement aims to optimize the recovery of warranty entitlements and minimize repair costs for Frontier's growing A320neo fleet, which includes 100 aircraft in service and an additional 160 on order. The partnership is expected to enhance operational efficiency and cost savings for Frontier, aligning with their commitment to affordable travel.
AAR (NYSE: AIR), a prominent aviation services provider, has been named the "Outstanding Source of Repair" for 2019 by NATO Support and Procurement Agency and IAMCO. This marks the fourth time AAR has received this accolade since 2005. The achievement highlights AAR Aircraft Component Services in Amsterdam for exceptional product quality and support for the NATO AWACS fleet. Leaders from IAMCO and NSPA praised AAR's professionalism and commitment to excellence, reinforcing AAR’s reputation in the aerospace sector.
AAR (NYSE: AIR) subsidiary Airinmar has signed a new services agreement with Air Methods, the largest civilian helicopter operator. This partnership focuses on component warranty management and cost control.
Airinmar will support Air Methods through identifying warranty claims and enhancing existing processes, ultimately aiming to reduce repair costs and improve efficiency across over 300 locations.
Air Methods expects this collaboration to optimize their supply chain for safer emergency medical services.
AAR (NYSE: AIR) has secured a three-year contract with the Royal Netherlands Air Force for maintenance, repair, and overhaul of F-16 jet fuel starters. This contract will be fulfilled at AAR's component repair facility in Amsterdam, which has served the European Participating Air Forces for over 30 years. AAR has previously serviced over 3,500 jet fuel starters, reflecting a strong relationship with the RNLAF. The contract highlights AAR's commitment to quality and cost-effective services in support of the F-16 fleet.
AAR CORP. (NYSE: AIR) reported fourth quarter sales of $416.5 million, a 26% decline from $562.7 million in Q4 FY2019, mainly due to COVID-19 impacts. Full year sales were $2.07 billion, up 1% from $2.05 billion in FY2019. The fourth quarter loss from continuing operations was $15 million, equating to a loss of $0.43 per diluted share. Adjusted diluted earnings per share stood at $0.26. The company is focusing on aligning costs with demand and executed restructuring actions resulting in $27.9 million in pretax charges.
AAR (NYSE: AIR) announced it expects to receive $57.2 million from the U.S. Treasury under the Payroll Support Program of the CARES Act. This funding comprises a $48.5 million grant and an $8.7 million loan, aimed at maintaining salaries and benefits for employees in U.S. airframe and landing gear maintenance operations. AAR must refrain from layoffs and pay cuts until September 30, 2020, and will suspend dividends and share repurchases until September 30, 2021, along with limiting executive compensation until March 24, 2022.
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