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StandardAero (NYSE: SARO), a leading aerospace aftermarket services provider, has appointed Derek Kerr to its Board of Directors, effective February 18, 2025. Kerr brings nearly four decades of aviation experience, having most recently served as Vice Chair of American Airlines and President of American Eagle. His previous roles include Executive Vice President and CFO positions at American Airlines, U.S. Airways, and America West Airlines.
Kerr holds an MBA and a Bachelor's in Aerospace Engineering from the University of Michigan. StandardAero specializes in engine maintenance, repair and overhaul, component repair, field service support, asset management, and engineering solutions for fixed- and rotary-wing aircraft in commercial, military, and business aviation markets.
KBR (NYSE: KBR) has announced the unanimous election of Lt. General Wendy M. Masiello as Lead Independent Director, effective from the company's 2025 annual meeting of stockholders in May 2025. Lt. General Masiello, who has served on KBR's Board since August 2017, currently chairs the Cybersecurity Committee and serves on the Compensation Committee and Sustainability & Corporate Responsibility Committee.
As a three-star General of the U.S. Air Force, Masiello brings extensive experience and deep understanding of KBR's strategic vision and operations. The appointment follows a thorough Board evaluation process, with KBR Chair General Lester L. Lyles highlighting Masiello's leadership capabilities, operations experience, and accomplished government career as key qualifications for the role.
The Board has also enhanced the Lead Independent Director duties, which are detailed in the Company's Corporate Governance Guidelines.
StandardAero (NYSE: SARO) has announced it will release its fourth quarter and full fiscal year 2024 financial results after market close on Monday, March 10, 2025. The company will host a conference call to discuss the results at 5:00 PM ET on the same day.
Investors can access the live webcast through StandardAero's investor relations website at ir.standardaero.com/news-events/events. The earnings release and presentation will be available on the website before the call. For telephone access, participants can dial (877) 407-9762 or (201) 689-8538.
A replay will be available through the archived webcast or by dialing (877) 660-6853 or (201) 612-7415 with access code 13750898. The replay will remain accessible until 11:59 PM ET on March 24, 2025.
StandardAero (NYSE: SARO) has secured a significant 15-year agreement with a major Middle East airline for CFM LEAP engine maintenance services. The company's San Antonio facility will provide comprehensive engine and component repair services for LEAP-1A (Airbus A320neo) and LEAP-1B (Boeing 737 MAX) engines.
The 810,000 sq. ft. San Antonio facility began accepting light workscope LEAP shop visits in March 2024 and inducted its first Performance Restoration Shop Visit (PRSV) in late 2024. StandardAero has already industrialized over 260 component repairs for LEAP engines through its Component Repair Services network.
This agreement follows StandardAero becoming the first non-airline CFM Branded Service Agreement holder in the Americas for LEAP-1A and LEAP-1B in March 2023. The company now serves operators across multiple continents through its Total Engine Asset Management services portfolio.
StandardAero (NYSE: SARO) reported strong Q3 2024 results with revenue increasing 13.2% year-over-year to $1,244.6 million. Net Income reached $16.4 million with a 1.3% margin. Adjusted EBITDA grew 26.0% to $168.4 million, with margin expanding to 13.5%. The company completed a $1.7 billion IPO, using $1.2 billion net proceeds to reduce debt, expecting over $130 million in annual interest savings. Growth was driven by commercial aerospace and business aviation markets, up 20% and 15% respectively. The company also acquired Aero Turbine Inc. to expand component repair capabilities.
StandardAero (NYSE: SARO) has announced it will release its third quarter 2024 earnings after market close on Wednesday, November 13, 2024. The company will host a conference call at 5:00 PM ET the same day to discuss the results. A live webcast will be available on StandardAero's investor relations website, along with the earnings release and presentation. The call can be accessed via telephone at (877) 407-9762 or (201) 689-8538. A replay will be available through November 27, 2024, via webcast or by dialing (877) 660-6853 or (201) 612-7415 with access code 13749758.
StandardAero announced the pricing of its upsized initial public offering (IPO) of 60,000,000 shares of common stock at $24.00 per share. The offering includes 53,250,000 shares from StandardAero and 6,750,000 from existing stockholders. Trading is expected to begin on October 2, 2024, on the New York Stock Exchange under the symbol 'SARO'. The offering is set to close on October 3, 2024, subject to customary conditions.
The IPO size was increased from the previously announced 46,500,000 shares. Selling stockholders granted underwriters a 30-day option to purchase up to 9,000,000 additional shares. Lead book-running managers include J.P. Morgan, Morgan Stanley, BofA Securities, UBS Investment Bank, Jefferies, and RBC Capital Markets. The offering will be made only through a prospectus, with copies available from J.P. Morgan Securities and Morgan Stanley & Co.
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