AAR Corp and World Fuel Services drop back, BBA Aviation and GKN Aerospace gain
AAR Corp shares slumped 5.4% yesterday ahead of the release of financial results for its fourth quarter and Fiscal Year 2010, ended 31-May-2010, after the market closes next Tuesday, 13-Jul-2010.
This time last month, AAR Corp updated its outlook for the fourth quarter and its guidance for FY2011. For the fourth quarter, the company projected sales to slightly exceed the top of its previously disclosed range of USD355-365 million and diluted earnings per share to be in the upper end of its previously disclosed range of USD0.25-0.30 per share. Additionally, the company expected cash flow from operations to exceed USD50 million for the fourth quarter. For FY2011, the company expects sales of USD1.5-1.6 billion and diluted earnings per share of USD1.25-1.40.
The company’s shares have been on a downward trajectory since the middle of last month.
AAR Corp share price over past month
World Fuel Services Corporation shares ease
World Fuel Services Corporation shares fell 2.6% yesterday. Last Friday, the company declared a quarterly cash dividend of USD0.0375 per share payable on 07-Jul-2010 to shareholders of record on 18-Jun-2010.
At the start of Jul-2010, subsidiary World Fuel Services Inc completed the previously announced acquisition of select assets of Lakeside Oil Company Inc, including the assets comprising Lakeside's wholesale motor fuel distribution business.
GKN Aerospace launches new protective glass production
On the other end of the suppliers’ scale, aerospace/military provider GKN Aerospace announced it has commenced production of a new lighter and thinner armour piercing protective composite glass for military applications. Its shares surged 6.6%.
Another strong gainer yesterday was BBA Aviation (+4.2%).
Selected Aviation suppliers’ daily share price movements (% change): 06-Jul-2010