AAR CORP. Announces Record Second Quarter Sales And Earnings
AAR CORP. Announces Record Second Quarter Sales And Earnings
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*Reflects a 3-for-2 stock split paid 2/23/98
WOOD DALE, ILLINOIS -- AAR CORP. today announced that for the Company’s second quarter ended November 30, 1998, net income increased 19.3% to a second quarter record of $10,035,000, from $8,411,000. Net sales increased 27.0% to $228,798,000, a quarterly record, over sales of $180,156,000 for the same period last year. Diluted earnings per share increased 20.0% to 36 cents from 30 cents the prior year. For the first half of the fiscal year the Company posted record sales and earnings. Net income rose 25.0% to $19,658,000 from $15,721,000 while sales for the first six months increased 26.7% to $444,696,000 compared with $351,062,000 in the prior year. Diluted earnings per share increased to 70 cents from 56 cents in the prior year. The following significant accomplishments were announced in the quarter and should positively affect future results:
"AAR continued to deliver record sales and earnings growth in the second quarter, with all three areas of our business showing gains in both sales and profitability", stated David P. Storch, President & Chief Executive Officer. He commented on the first half of fiscal 1999 by saying, "We are pleased with the results for the first six months of the year as we continued to win long-term agreements, integrate new acquisitions and invest in opportunistic inventory buys." AAR CORP., traded NYSE (AIR), is a leading supplier of aerospace/aviation products and services. The Company primarily supplies parts and equipment, performs technical services and manufactures proprietary products for the global aviation industry. |
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