AAR CORP. (NYSE: AIR) has reported second quarter Fiscal Year 2018 consolidated sales of USD 449.7 million, representing a USD 25.9 million or 6% increase year over year, the company said.
This increase was driven by strong sales growth in the Aviation Services segment, which increased 13% from USD 346.7 million to USD 391.6 million.
The company reported a net loss of (USD 22.6) million, or (USD 0.66) per diluted share, as it recognized non-cash asset impairment and related charges of USD 54.2 million in its Expeditionary Services segment due to the completion of certain customer contracts, as well as industry trends affecting the value of certain rotary- and fixed-wing aircraft and support parts.
Excluding these non-cash charges, adjusted net income was USD 12.1 million, or USD 0.35 per diluted share. Operating results for the affected business within our Expeditionary Services segment unfavorably impacted our consolidated results by (USD 0.03) per diluted share in the current quarter, excluding these non-cash charges.
AAR is a global aftermarket solutions company that employs more than 5,000 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. AAR´s Expeditionary Services include airlift operations; mobility systems; and command and control centers in support of military and humanitarian missions. More information can be found at www.aarcorp.com.