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), 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.
AAR (NYSE: AIR) announces an extension of its exclusive partnership with Unison Industries for an additional 11 years, valued at over $1 billion in sales. The expanded agreement includes new product introductions across various aircraft platforms and enhances AAR's responsibilities in sales strategy, marketing, warehousing, and aftermarket distribution. AAR will also provide 24/7 support for customers using Unison products. This partnership aims to strengthen both companies' positions in the aviation aftermarket and reflects a commitment to growth despite challenging market conditions.
AAR (NYSE: AIR) has appointed Robert F. Leduc to its Board of Directors, expanding the Board from 12 to 13 members. Leduc, a retired President of Pratt & Whitney, brings over 38 years of aerospace industry experience, including leadership roles at United Technologies. His extensive background in aviation, particularly in program management and strategy, is expected to enhance AAR's strategic direction. CEO John M. Holmes expressed confidence in Leduc's contributions to the company as it supports growing commercial and government customer needs.
AAR CORP. (NYSE: AIR) plans to release its fourth-quarter fiscal year 2020 financial results on July 21, 2020, after market close. A conference call to discuss these results is scheduled for the same day at 3:45 p.m. CT, which can be accessed via specific phone numbers for U.S. and international callers. A replay of the call will be available until July 27, 2020. The company, based in Wood Dale, Illinois, operates globally in the aerospace and defense sectors, providing various services including maintenance and repair.
AAR (NYSE: AIR), a provider of aviation services, has been recognized by Bloomberg Government as one of the top 200 federal contractors, ranking 93rd in the 2020 BGOV200, up from 119th in 2019. This ranking is based on fiscal year 2019 data for prime contracts awarded across U.S. federal agencies. AAR has consistently appeared on this list due to its effective solutions for government clients. The company’s government and defense services play a significant role in its operations, reinforcing its position in a competitive market.
AAR CORP. (NYSE: AIR) announced the divestiture of its aerospace composite manufacturing business to an affiliate of Architect Equity. This decision aligns with AAR's multi-year strategy to streamline operations and enhance focus on core services. The Composites business, which was unprofitable in fiscal year 2020, employs around 150 at its Florida and California facilities. The deal is expected to close in Q3 2020. Cost reduction measures, including furloughing 1,000 employees and facility consolidations, aim for improved margins as demand recovers from COVID-19's impact.
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