AAR (NYSE: AIR) said it has reported first quarter fiscal year 2016 sales of USD377.8 million and income from continuing operations of USD8.2 million, or USD0.23 per diluted share.
For the first quarter of the prior fiscal year, the company reported sales of USD395.1 million and income from continuing operations of USD11.8 million, or USD0.29 per diluted share.
During the quarter, the company recorded a pre-tax gain of USD27.7 million within discontinued operations from the receipt of additional proceeds from the sale of the Telair Cargo Group. Including this impact, the company reported total net income of USD22.9 million in the first quarter, or USD0.65 per diluted share. In the prior year period, the company reported total net income of USD14.4 million, or USD0.36 per diluted share.
“Performance in the first quarter was in line with our expectations as we continue executing on our industry-leading aviation and government services strategy,” said David P. Storch, Chairman, President and Chief Executive Officer of AAR CORP.
AAR is a global aftermarket solutions company that employs more than 4,500 people in over 20 countries. Based in Wood Dale, Illinois, AAR supports commercial aviation and government customers through two operating segments: Aviation Services and Expeditionary Services. AAR´s Aviation Services include inventory management; parts supply; OEM parts distribution; aircraft maintenance, repair and overhaul; and component repair.