AAR Corp. ( AIR Quick Quote AIR - Free Report) reported third-quarter fiscal 2021 adjusted earnings of 37 cents per share, which surpassed the Zacks Consensus Estimate of 31 cents by 19.4%. The figure reflected a year-over-year decline of 44.8% from earnings of 67 cents registered in the year-ago quarter.
Excluding one-time items, the company reported earnings of 87 cents per share from continuing operations compared with earnings of 7 cents in third-quarter fiscal 2020.
In the quarter under review, net sales totaled $410.3 million. The reported figure missed the Zacks Consensus Estimate of $413 million by 0.7% and also plunged 25.8% from $553.1 million recorded in the year-ago quarter.
The year-over-year decline in sales was due to the continued impact of COVID-19 outbreak.
In the fiscal third quarter, sales at the Aviation Services segment totaled $389.7 million, down 26.5% year over year.
Expeditionary Services garnered sales of $20.6 million, down 9.6% from $22.8 million in the year-ago quarter.
Highlights of the Release
AAR Corp.’s cost of sales in the reported quarter fell 33.5% year over year to $324.3 million.
Selling, general and administrative expenses declined 22%.7 to $44.9 million.
The company incurred interest expenses of $1 million compared with $2.3 million in third-quarter fiscal 2020.
As of Feb 28, 2021, AAR Corp.’s cash and cash equivalents amounted to $99.2 million compared with $404.7 million as of May 31, 2020.
As of Feb 28, 2021, net property, plant and equipment expenses totaled $123.6 million compared with $135.7 million as of May 31, 2020.
As of Feb 28, 2021, long-term debt decreased to $206 million from $600 million as of May 31, 2020.
AAR Corp. currently has a Zacks Rank #4 (Sell).
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. the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Other Defense Releases Lockheed Martin Corp. ( LMT Quick Quote LMT - Free Report) reported fourth-quarter 2020 earnings from continuing operations of $6.38 per share, in line with the Zacks Consensus Estimate. Hexcel Corporation ( HXL Quick Quote HXL - Free Report) reported fourth-quarter 2020 loss of 18 cents per share, in line with the Zacks Consensus Estimate. General Dynamics Corporation ( GD Quick Quote GD - Free Report) reported fourth-quarter 2020 earnings from continuing operations of $3.49 per share, which missed the Zacks Consensus Estimate of $3.55 by 1.7%. Time to Invest in Legal Marijuana
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