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) has secured a multi-year flight-hour component support contract with flydubai, enhancing their partnership to include additional aircraft in flydubai’s Boeing 737 MAX fleet. AAR will expand its onsite team in Dubai to facilitate effective support and decision-making. This collaboration, ongoing since 2017, aims to improve operational efficiency as flydubai anticipates delivery of 11 new 737 MAX aircraft by year-end.
AAR CORP. (NYSE: AIR) announced a significant long-term agreement with Unison Industries to enhance the distribution of aviation and aerospace products. This partnership focuses on aftermarket distribution of Unison’s ignitor plugs, ignition leads, harnesses, and related spare parts worldwide. Building on over a decade of collaboration, this agreement aims to improve product availability, reduce lead times, and enhance customer service for operators and MROs. The initiative is expected to boost Unison's global aftermarket business, benefiting both companies.
AAR has expanded its partnership with Unison Industries to become the exclusive worldwide aftermarket distributor for Unison's aviation, military, and civil land vehicle products. This agreement includes select products such as igniter plugs and ignition leads, enhancing AAR’s global customer service capabilities.
With over a decade-long relationship, this expansion aims to increase product availability and improve customer service through reduced lead times, benefiting operators and MRO facilities worldwide.
AAR's subsidiary, Airinmar, has signed a services agreement with Cebu Pacific, enhancing the airline's aircraft warranty management and value engineering capabilities. The collaboration focuses on maximizing warranty recovery and minimizing repair costs as Cebu expands its fleet of 77 aircraft, with an additional 49 on order. Airinmar's services will complement Cebu Pacific's materials management, ensuring cost-effective management of maintenance expenditures. This partnership is poised to support Cebu's growth and operational efficiency in the competitive aviation market.
AAR CORP. (NYSE: AIR) reported Q1 fiscal 2023 sales of $446 million, down 2% year-over-year from $455 million. GAAP diluted EPS increased to $0.62 from $0.31 in Q1 FY2022. Adjusted diluted EPS rose 17% to $0.61. The commercial sector saw a 10% sales increase, now comprising 66% of total sales, while government sales dropped 19% due to program completions. Gross profit margins improved to 18.4%, attributed to cost reduction efforts. The company also repurchased 0.5 million shares during the quarter, further strengthening shareholder value.
AAR CORP. (NYSE: AIR) will announce its first quarter fiscal 2023 financial results on September 22, 2022, after NYSE trading closes. The results will cover the period ending August 31, 2022. A conference call is scheduled for the same day at 3:45 p.m. Central time for discussions regarding the financial outcomes. Participants can register for the call and access the replay shortly after it concludes. AAR operates globally in aerospace and defense, providing services to commercial and government clients.
Air Industries Group (AIRI) reported its financial results for the second quarter and first half of 2022. Second quarter net sales decreased to $14.0 million, a 9% decline from $15.5 million in 2021 but improved 16% from the previous quarter. Gross profit was $2.4 million, slightly down from $2.6 million year-over-year, but up 17% quarter-over-quarter. The company experienced a net loss of $7,000 compared to net income of $239,000 in the prior year. For the six months, net sales totaled $26.1 million, an 11% decrease versus $29.2 million in 2021, with a net loss of $35,000.
AAR CORP. (NYSE: AIR) has secured a firm-fixed-price requirements contract from the U.S. Air Force to produce Next Generation All Aluminum Cargo Pallets. The contract, worth $173.5 million, includes an 18-month basic period and options extending over several years. AAR, known for its legacy 463L pallets, will manufacture the new design in Cadillac, Michigan, ensuring enhanced strength-to-weight performance for military and commercial aircraft. The company continues to lead in aviation services and supports various branches of the U.S. Armed Forces.
AAR CORP. (NYSE: AIR) has launched Fellowship Programs in collaboration with Vincennes University and Aviation Institute of Maintenance in Indianapolis to enhance the aviation maintenance technician workforce. These programs offer scholarships for students pursuing Airframe and Powerplant certifications while ensuring guaranteed employment at AAR after graduation. This initiative reinforces AAR's commitment to address the growing demand for aviation maintenance technicians, mirroring the industry's pilot shortage. The inaugural class of Fellows successfully graduated earlier this year in Rockford, Illinois.
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