AAR Corp revenue gains 0.2% but profits fall in 4QFY2010

AAR Corp revenue gains 0.2% - financial highlights:

• Three months ended 31-May-2010:
  • Revenue: USD372.3 million, +0.2% year-on-year;
    • Aviation Supply Chain: USD103.3 million, -9.5%;
    • MRO: USD79.7 million, -17.5%;
    • Structures and systems: USD108.9 million, -6.8%;
  • Costs: USD348.5 million, +0.6%;
  • Earnings (loss) from aircraft JV: (USD38,000), compared with an earning of USD1.2 million in p-c-p;
  • Operating profit: USD23.8 million, -10.7%;
  • Net profit: USD11.2 million, -21.0%;
• 12 months ended 31-May-2010:
  • Revenue: USD1,352 million, -5.0%;
    • Aviation Supply Chain: USD406.0 million, -13.3%;
    • MRO: USD301.3 million, -13.6%;
    • Structures & Systems: USD449.9 million, +4.0%;
  • Costs: USD1,262 million, -5.1%;
  • Earnings (loss) from aircraft JV: USD112,000, -98.7%;
  • Operating profit: USD90.3 million, -12.2%;
  • Net profit: USD43.2 million, -23.9%. [more]

AAR Corp: "While the pace of the recovery in the commercial markets was not as brisk as expected, we remained focused on capturing new business, delivering quality and cost effective solutions, maintaining a lean cost structure, and generating cash … The focus of the company remains squarely on capturing new business, solid execution, cost control and maintaining a strong balance sheet. For fiscal 2011, we expect to benefit from the investments we have made in support of our defence and government customers and from the recovery in the commercial markets," David Storch, Chairman and CEO. Source: AAR Corp, 13-Jul-2010.