Aviation services provider AAR Corp AIR has entered into a new multi-year agreement with Ontic, providing AAR distribution rights to supply a strategic selection of military products to the U.S. government.
As of now, AAR provides military distribution support to Ontic's Cheltenham, U.K.facility and commercial distribution support to Ontic's Creedmoor, North Carolina facility.
"AAR is enthusiastic about bolstering our strategic military portfolio by expanding our Ontic relationship to include the Chatsworth facility," said Vice President of AAR's Distribution – Defense,Ross Wuestenfeld.
Ontic is an aerospace Original Equipment Manufacturer (OEM), providing complex engineered parts and repair services for aircraft in the defense and commercial market.
AAR reported Q2 FY24 sales of $545.4 million, up 16% Y/Y, missing the estimate of $557.2 million. Adjusted EPS of 81 cents, beat the estimate of 80 cents.
Price Action: AAR shares are trading higher by 0.51% at $62.48 at last check Thursday.
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