AAR Corp. (NYSE: AIR) reported third quarter fiscal year 2016 consolidated sales of USD402.8 million and income from continuing operations of USD10.7 million, or USD0.31 per diluted share, the company said.
Third quarter results from continuing operations include an approximate USD1.6 million, or USD0.05 per diluted share, reduction in income tax expense.
For the third quarter of the prior fiscal year, the company reported sales of USD380.1 million and income from continuing operations of USD1.9 million, or USD0.05 per diluted share.
Third quarter sales to commercial customers represented 60.6 percent of consolidated sales, compared to 64.6 percent of consolidated sales in the third quarter of last year, and sales to government and defense customers represented 39.4 percent of consolidated sales compared to 35.4 percent in the prior year´s quarter.
Selling, general and administrative expenses as a percentage of sales were 10.6 percent for the third quarter, compared to 11.0 percent last year. Net interest expense from continuing operations for the quarter was USD1.6 million compared to USD6.4 million last year as net debt declined to USD145.3 million from USD576.3 million last year.
During the third quarter, the company paid cash dividends of USD2.6 million, or USD0.075 per share, and repurchased approximately 312,000 shares for USD7.3 million, or USD23.44 per share. Average diluted share count for the quarter was 34.4 million compared to 39.2 million in the third quarter last year.
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.