By AAR Corp., a provider of aviation services to commercial and government operators, reported a rise in sales for the latest quarter. The company posted a net profit of $23.8 million, or 67 cents a share, for the fiscal second quarter ended Nov. 30. This is compared to $22.5 million, or 64 cents a share, for the same period last year. However, analysts had predicted earnings per share of 81 cents, according to FactSet.
Despite this increase in profit, AAR Corp. experienced a loss in the latest quarter due to pension-settlement charges and legal expenses in Russia. Excluding these one-time charges, the company’s earnings per share remained at 81 cents.
Sales also saw a slight decline of 0.7%, amounting to $545.4 million. This fell short of analysts’ expectations of $557 million. Nevertheless, the company witnessed a 24% increase in sales to commercial customers, driven by strong demand for their new and used parts offerings. Sales to government customers also saw a modest growth of 1% during this period.
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