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Wednesday, May 31, 2023

    AAR Shares Surge 5 percent on Better Than Expected Q3 Revenues

    AAR Corp. (NYSE:AIR) shares gained around 5% on Wednesday after the company reported its Q3 results, with EPS of $0.75 meeting the Street estimates. Revenue grew 15% year-over-year to $521 million, beating the Street estimate of $487.4 million.
    Commercial sales were up 28% and government sales were down 3%. The company expects similar sales growth results for Q4, driven by a further recovery in commercial, slightly offset by soft government sales.
    The company again delivered on margin expansion with adjusted gross margins of 18.1% compared to 17.3% in Q3/22. Management noted that it is submitting a few bids in the hope of generating government contract awards for 2024, but unless something is announced, government is likely to weigh on results in the near term, with flat sales in 2024.


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