AAR CORP. (NYSE: AIR) has reported first quarter fiscal year 2017 consolidated sales of USD404.8 million and income from continuing operations of USD9.9 million, or USD0.29 per diluted share, the company said.
For the first quarter of the prior fiscal year, the company reported sales of USD386.7 million and income from continuing operations of USD7.4 million, or USD0.21 per diluted share. The company said recent government contract awards contributed to sales growth.
The company said in its aviation services segment, there was an increase in gross profit of USD3.5 million primarily due to sales growth. In the expeditionary services segment, gross profit was up USD4.1 million while margins increased due to improved profitability in our mobility products business.
Selling, general and administrative expenses as a percentage of sales were 11.1 percent for the first quarter, compared to 10.3 percent last year. Net interest expense from continuing operations for the quarter was USD1.3 million compared to USD1.9 million last year.
During the first quarter, the company paid cash dividends of USD2.6 million, or USD0.075 per share, and repurchased approximately 619,000 shares for USD14.8 million, or USD23.94 per share.
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.