AAR Announces $150 Million Stock Repurchase Program
Wood Dale, Illinois, Dec. 21, 2021 (GLOBE NEWSWIRE) -- AAR CORP. (NYSE: AIR) today announced that its Board of Directors authorized a renewal of its stock repurchase program. The authorization permits the repurchase of up to $150 million of the Company’s common shares.
“Our priorities for capital allocation are organic investment in our business, the inorganic acquisition of synergistic capability, and the return of capital to shareholders,” said John M. Holmes, President and Chief Executive Officer of AAR CORP. “The strength of our balance sheet allows us to deploy capital in all three areas, and this authorization is part of our plan for driving long-term shareholder value.”
Repurchases will occur from time to time in open market purchases or privately negotiated transactions at the discretion of management, subject to prevailing market conditions and other considerations, including the Company’s liquidity and investment opportunities. The repurchased stock will be held as treasury shares and may be reissued for various corporate purposes. There is no expiration date on the stock repurchase authorization.
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AAR is a global aerospace and defense aftermarket solutions company with operations in over 20 countries. Headquartered in the Chicago area, AAR supports commercial and government customers through two operating segments: Aviation Services and Expeditionary Services. AAR’s Aviation Services include Parts Supply; OEM Solutions; Integrated Solutions; and Maintenance, Repair and Overhaul (MRO) Services. AAR’s Expeditionary Services include Mobility Systems operations. Additional information can be found at www.aarcorp.com.
This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 which reflect management’s expectations about future conditions, including the ability to maintain the strength of our balance sheet and our consistent cash flow generation, our intent to retain the balance sheet strength to fund our growth and drive long-term shareholder value and our expectation to fully utilize the authorization over the next 24 months. Forward-looking statements may also be identified because they contain words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘likely,’’ ‘‘may,’’ ‘‘might,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘seek,’’ ‘‘should,’’ ‘‘target,’’ ‘‘will,’’ ‘‘would,’’ or similar expressions and the negatives of those terms. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. For a discussion of these and other risks and uncertainties, refer to “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company’s control. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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