. (AIR - Free Report
) reported third-quarter fiscal 2020 adjusted earnings of 67 cents per share, which surpassed the Zacks Consensus Estimate of 66 cents by 1.5%. The figure also reflected a year-over-year improvement of 8.1% from 62 cents.
Excluding one-time items, the company reported earnings of 7 cents from continuing operations compared with 78 cents in third-quarter fiscal 2019.
In the reported quarter, net sales of $553.1 million missed the Zacks Consensus Estimate of $558 million by 0.9%. However, the top line grew 4.5% from $529.5 million in the year-ago quarter.
The year-over-year improvement in sales was driven by continued growth in the company’s Aviation Services segment.
In the fiscal third quarter, sales from the Aviation Services segment summed $530.3 million, up 6.6% year over year.
Expeditionary Services registered sales of $22.8 million, down 29.1% from $32.2 million in the year-ago quarter.
Highlights of the Release
AAR Corp.’s cost of sales in the reported quarter increased 9.8% year over year to $487.8 million.
Selling, general and administrative expenses rose 6% to $58.1 million.
The company incurred interest expenses of $2.3 million compared with $2.4 million in third-quarter fiscal 2019.
During the quarter, the company paid out cash dividends of $2.6 million, in line with the cash dividends paid out in third-quarter fiscal 2019.
As of Feb 29, 2020, AAR Corp.’s cash and cash equivalents amounted to $37 million compared with $21.3 million, as of May 31, 2019.
As of Feb 29, 2020, net property, plant and equipment expenses were $136.7 million compared with $132.8 million, as of May 31, 2019.
As of Feb 29, 2020, long-term debt decreased to $206 million from $141.7 million, as of May 31, 2019.
AAR Corp. currently has a Zacks Rank #5 (Strong Sell).
Other Defense Releases
Huntington Ingalls Industries (HII - Free Report
) , a Zacks Rank #2 (Buy) stock, reported fourth-quarter 2019 earnings of $4.36 per share, which surpassed the Zacks Consensus Estimate of $4.24 by 2.83%. However, the reported figure declined 11.7% from $4.94 reported a year ago.
Teledyne Technologies (TDY - Free Report
) , a Zacks Rank #3 stock, reported fourth-quarter 2019 adjusted earnings of $2.90 per share, which surpassed the Zacks Consensus Estimate of $2.76 by 5.1%. The bottom-line figure came above the guided range of $2.71-$2.76.
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