AAR Provides Preliminary Fiscal 2013 First Quarter Results, Guides Higher
AAR Corp (NYSE: AIR) announced today preliminary first quarter results for the quarter ending August 31, 2012.
Consolidated sales for the first quarter ended August 31, 2012 are expected to be between $540 million to $550 million and diluted earnings per share are expected to be between $0.42 and $0.45. For the first quarter of last fiscal year, the Company reported sales of $485.5 million and diluted earnings per share of $0.41. Last year's first quarter sales included $33.3 million from the sale of two aircraft from the Company's aircraft portfolio. There were no aircraft sales in the first quarter of the current fiscal year.
Excluding the impact of the aircraft sales in the prior fiscal year, sales to commercial customers are anticipated to increase by approximately 40%, which includes approximately 13% organic growth. The balance of the commercial sales growth is expected to come from Telair and Nordisk, which were acquired in December 2011.
Sales to government and defense customers are expected to be essentially unchanged from the first quarter of last year.
For the first quarter, sales to commercial customers are expected to comprise 58% of consolidated sales, and sales to government and defense customers are expected to comprise 42% of consolidated sales.
"I am pleased with first quarter results in our aviation services business. We continued to achieve market share gains in our commercial services businesses while delivering financial and operational improvements in our defense services businesses," said David P. Storch, Chairman and Chief
Executive Officer of AAR CORP. "Further, our integration efforts at Telair and Nordisk continue to go well, and the contributions of these businesses to first quarter results were in line with our expectations."
AAR CORP. will release final first quarter results after the market closes on September 19, 2012.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.