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 CORP. (NYSE: AIR) announced the appointment of John M. Holmes as Chairman of the Board, succeeding David P. Storch, who served for 18 years. Holmes, who has been with AAR since 2001 and CEO since 2018, will retain his role as President and CEO. Under his leadership, the company has notably increased sales and profitability, even amid the COVID-19 pandemic. The transition marks a significant milestone as Holmes aims to drive growth while upholding AAR's core values.
AAR CORP. (NYSE: AIR) has successfully entered into a $620 million unsecured revolving credit facility, marking a $20 million increase from its previous agreement. This extension prolongs the maturity date from September 2024 to December 2027, highlighting the company’s robust credit profile and enhanced liquidity. Vice President Dylan Wolin expressed gratitude to their lenders for the ongoing support. Further details are accessible in the Credit Agreement filed with AAR's latest 10-Q.
AAR CORP. (NYSE: AIR) reported second quarter fiscal year 2023 sales of $470 million, an 8% increase year-over-year. GAAP diluted earnings per share rose to $0.64, compared to $0.58 in Q2 FY2022, and adjusted EPS increased 30% to $0.69. Commercial sales surged 21%, while government sales dipped 12%. Gross profit margins improved to 18.3%. The company repurchased 0.7 million shares for $28.2 million. AAR anticipates ongoing growth driven by increasing demand in the commercial aftermarket and new government contracts.
AAR CORP. (NYSE: AIR) has announced an extension of its distribution relationship with Leach International Corp., enhancing its role as a provider of electromechanical and solid-state switch gears including relays and power distribution units. This contract ensures continuous supply to OEMs and military aftermarket, vital in the current supply chain environment. AAR aims to support Mil-Aero OEMs' electric power distribution needs, reinforcing its commitment to high-quality service and operational stability.
AAR CORP. (NYSE: AIR) has expanded its partnership with Ontic by signing a military customer support distribution contract extension and a new long-term global commercial distribution agreement. The military contract will enhance supply chain solutions for Ontic’s Cheltenham MRO, focusing on F-15, F-16, Hawk, and Sea King aircraft. AAR will also be the exclusive OEM product distributor for Twin Commander and Metro Merlin airframes, improving service levels and product offerings. The partnership aims to ensure quality and availability for military and commercial customers.
AAR CORP. (NYSE: AIR) announced it will release its fiscal Q2 2023 financial results on December 20, 2022, following NYSE market closure. A conference call is scheduled for the same day at 3:45 p.m. Central time to discuss the outcomes, with registration available online. A replay of the call will also be provided for seven days post-event. AAR operates in over 20 countries, offering aviation and defense aftermarket solutions and supports both commercial and government clients.
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