AAR Corp. Q3 Profit From Cont. Ops. Decreases - Quick Facts

(RTTNews) - AAR Corp. (AIR) reported third-quarter income from continuing operations of $1.9 million, or $0.05 per share, compared to $16.9 million or $0.43 per share, prior year. The company reported a net loss of $34.5 million or $0.89 per share after discontinuing operations of Telair Cargo Group and Precision Systems Manufacturing. Sales were $380.1 million compared to $399.8 million last year. Sales in the Aviation Services segment increased 9.9% partially due to growth in new distribution programs. Sales in Expeditionary Services declined 44.0% due to the decline at airlift.

David Storch, CEO of AAR CORP, said: "In the Aviation Services segment, we continue to have very strong results as we experienced sales growth of nearly 10.0% and profitability growth of over 30.0%. In the Expeditionary Services segment, the slower pace of replacing flying positions after the drawdown in Afghanistan had a more negative financial impact on our airlift business than we anticipated and, although we are encouraged by recent contract wins with the UK Ministry of Defense and the UN, as well as overall proposal activity, the transition back to acceptable returns will take longer than expected to materialize."