- First quarter sales of $662
million, up 20% over the prior year
- First quarter GAAP diluted earnings per share of $0.50 compared to a loss per share of
$0.02 in Q1 FY2024
- First quarter adjusted diluted earnings per share of
$0.85, up 9% from $0.78 in Q1 FY2024
- Sales growth of 20% in both our commercial and government
businesses
WOOD
DALE, Ill., Sept. 23,
2024 /PRNewswire/ -- AAR CORP. (NYSE: AIR), a
leading provider of aviation services to commercial and government
operators, MROs, and OEMs, today reported first quarter fiscal
year 2025 consolidated sales of $661.7
million and net income of $18.0
million, or $0.50 per diluted
share. For the first quarter of the prior year, the Company
reported sales of $549.7 million and
a net loss of $0.6 million, or
$0.02 per diluted share. Our adjusted
diluted earnings per share in the first quarter of fiscal year 2025
were $0.85, compared to $0.78 in the first quarter of the prior year.
Consolidated first quarter sales increased 20% over the prior
year quarter. Our consolidated sales to commercial customers and to
government customers both increased 20% over the prior year
quarter. These increases were primarily due to the
acquisition of the Product Support business and organic growth.
Sales to commercial customers were 71% of consolidated sales
in both the current and prior year quarters.
"During the quarter, we continued to execute well across the
company. We drove 26% organic growth in our new parts distribution
activities, had strong operational performance in our hangars and
saw a return to growth in our government business. The quarter also
included meaningful contributions from Trax, and the recent Product
Support acquisition continues to exceed our expectations," said
John M. Holmes, Chairman, President
and Chief Executive Officer of AAR CORP.
Selling, general, and administrative expenses were $75.9 million in the current quarter, compared to
$74.7 million in the prior year
quarter. Acquisition, amortization, and integration expenses
were $7.1 million in the current
quarter compared to $2.9 million in
the prior year quarter.
Operating margins were 6.6% in the current quarter, compared to
4.6% in the prior year quarter. Adjusted operating margin increased
from 7.3% in the prior year quarter to 9.1% in the current year
quarter. The improved adjusted margin over the prior year is
primarily driven by the favorable contribution from the recently
acquired Product Support business as well as improved
execution.
During and subsequent to the quarter, we received multiple new
contract awards, including:
- Five-year firm fixed price IDIQ contract with an aggregate
ceiling value of approximately $1.2
billion from the U.S. Navy's Naval Air Systems Command
(NAVAIR) to perform engine depot maintenance and repair for its
P-8A Poseidon Aircraft fleet
- Five-year firm fixed price IDIQ contract with an aggregate
ceiling value of approximately $1.2
billion by NAVAIR to perform P-8A Poseidon depot airframe
maintenance and depot field team support for the U.S. Navy,
government of Australia, and
foreign military sales customers
- Multiple, long-term distribution agreements with Ontic that
expand our support across various government and commercial
platforms
Net interest expense for the quarter was $18.3 million, compared to $5.4 million last year, primarily due to
increased debt levels as a result of funding the Product Support
acquisition. Average diluted share count increased from 35.1
million shares in the prior year quarter to 35.6 million shares in
the current year quarter. From a capital deployment perspective, we
are prioritizing debt repayment but will evaluate share repurchases
along with other attractive investment opportunities to deploy our
capital. We have $52.5 million
remaining on our $150 million share
repurchase program.
Cash flow used in operating activities was $18.6 million during the current quarter compared
to $18.7 million in the prior year
quarter. As of August 31, 2024, our
net debt was $942.7 million and our
net leverage, pro forma for the last twelve months adjusted EBITDA
of the Product Support business was 3.31x. Excluding our accounts
receivable financing program, our cash flow used in operating
activities was $33.9 million in the
current quarter.
Holmes concluded, "We have been expanding our adjusted operating
margin each quarter over the past three years and I am proud of our
team's strong execution. As we continue to drive growth in
our higher margin activities as well as fully integrate the Product
Support business, we expect further margin expansion. Demand
remains exceptionally strong for our services and we expect
continued growth across both our commercial and government
businesses."
Conference call
information
On Monday, September 23, 2024, at
4 p.m. Central time, AAR will hold a
conference call to discuss the results. A listen-only webcast and
slides can be accessed
at https://edge.media-server.com/mmc/p/4zxrgath/. Participants
may join via phone by registering
at https://register.vevent.com/register/BI842bfc6277834251b3d46d91d48ddae4.
Once registered, participants will receive a dial-in number and a
unique PIN that will allow them to access the call. The
slides are also available on AAR's website at
https://www.aarcorp.com/f1q25investor.pdf.
A replay of the conference call will be available for on-demand
listening shortly after the completion of the call at the webcast
link and will remain available for approximately one year.
About AAR
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 four operating
segments: Parts Supply, Repair & Engineering, Integrated
Solutions, and Expeditionary Services. Additional information can
be found at aarcorp.com.
Contact: Investor Relations | +1-630-227-2017 |
investors@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, but
not limited to, continued demand in the commercial and government
aviation markets, anticipated activities and benefits under
extended, expanded and new services, supply and distribution
agreements, opportunities for capital deployment and margin
improvement, earnings performance, contributions from our recent
acquisitions, and expectations for our new parts distribution
activities.
|
|
|
Forward-looking
statements often address our expected future operating and
financial performance and financial condition, or sustainability
targets, goals, commitments, and other business plans, and often
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 the beliefs of Company management, as well
as assumptions and estimates based on information available to the
Company as of the dates such assumptions and estimates are made,
and are subject to certain risks and uncertainties that could cause
actual results to differ materially from historical results or
those anticipated, depending on a variety of factors, including:
(i) factors that adversely affect the commercial aviation industry;
(ii) adverse events and negative publicity in the aviation
industry; (iii) a reduction in sales to the U.S. government and its
contractors; (iv) cost overruns and losses on fixed-price
contracts; (v) nonperformance by subcontractors or suppliers; (vi)
a reduction in outsourcing of maintenance activity by airlines;
(vii) a shortage of skilled personnel or work stoppages; (viii)
competition from other companies; (ix) financial, operational and
legal risks arising as a result of operating internationally; (x)
inability to integrate acquisitions effectively and execute
operational and financial plans related to the acquisitions; (xi)
failure to realize the anticipated benefits of acquisitions; (xii)
circumstances associated with divestitures; (xiii) inability to
recover costs due to fluctuations in market values for aviation
products and equipment; (xiv) cyber or other security threats or
disruptions; (xv) a need to make significant capital expenditures
to keep pace with technological developments in our industry; (xvi)
restrictions on use of intellectual property and tooling important
to our business; (xvii) inability to fully execute our stock
repurchase program and return capital to stockholders; (xviii)
limitations on our ability to access the debt and equity capital
markets or to draw down funds under loan agreements; (xix)
non-compliance with restrictive and financial covenants contained
in our debt and loan agreements; (xx) changes in or non-compliance
with laws and regulations related to federal contractors, the
aviation industry, international operations, safety, and
environmental matters, and the costs of complying with such laws
and regulations; and (xxi) exposure to product liability and
property claims that may be in excess of our liability insurance
coverage. Should one or more of those risks or uncertainties
materialize adversely, or should underlying assumptions or
estimates prove incorrect, actual results may vary materially from
those described. Those events and uncertainties are difficult
or impossible to predict accurately and many are beyond our
control.
|
|
|
For a discussion of
these and other risks and uncertainties, refer to our Annual Report
on Form 10-K, Part I, "Item 1A, Risk Factors" and our other filings
from time to time with the U.S Securities and Exchange
Commission. These events and uncertainties are difficult or
impossible to predict accurately and many are beyond the Company's
control. The risks described in these reports are not the
only risks we face, as additional risks and uncertainties are not
currently known or foreseeable or impossible to predict accurately
or risks that are beyond the Company's control or deemed immaterial
may materially adversely affect our business, financial condition
or results of operations in future periods. We assume 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.
|
|
AAR CORP. and
subsidiaries
|
|
|
|
|
Condensed
consolidated statements of operations
(In millions except
per share data - unaudited)
|
Three months
ended
August
31,
|
|
|
2024
|
2023
|
|
|
|
|
|
Sales
|
$
661.7
|
|
$ 549.7
|
|
|
Cost of
sales
|
544.5
|
|
448.4
|
|
|
Gross
profit
|
117.2
|
|
101.3
|
|
|
Provision for credit
losses
|
0.2
|
|
0.4
|
|
|
Selling, general and
administrative
|
75.9
|
|
74.7
|
|
|
Earnings (Loss) from
joint ventures
|
2.3
|
|
(0.9)
|
|
|
Operating
income
|
43.4
|
|
25.3
|
|
|
Pension settlement
charge
|
––
|
|
(26.7)
|
|
|
Losses related to
sale and exit of business
|
(0.1)
|
|
(0.7)
|
|
|
Interest expense,
net
|
(18.3)
|
|
(5.4)
|
|
|
Other expense,
net
|
(0.1)
|
|
––
|
|
|
Income (Loss) before
income taxes
|
24.9
|
|
(7.5)
|
|
|
Income tax expense
(benefit)
|
6.9
|
|
(6.9)
|
|
|
Net income
(loss)
|
$
18.0
|
|
$ (0.6)
|
|
|
|
|
|
|
|
Earnings (Loss) per
share – Basic and Diluted
|
$
0.50
|
|
$ (0.02)
|
|
|
|
|
|
|
|
Share
data:
|
|
|
|
|
|
Weighted average
shares outstanding – Basic
|
35.2
|
|
34.7
|
|
|
Weighted average
shares outstanding – Diluted
|
35.6
|
|
35.1
|
|
|
|
|
|
|
|
|
AAR CORP. and
subsidiaries
|
Condensed
consolidated balance sheets
(In
millions)
|
August
31,
2024
|
|
May
31,
2024
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
$
49.3
|
|
$ 85.8
|
|
Restricted
cash
|
13.8
|
|
10.3
|
|
Accounts receivable,
net
|
310.9
|
|
287.2
|
|
Contract
assets
|
147.9
|
|
123.2
|
|
Inventories,
net
|
748.2
|
|
733.1
|
|
Rotable assets and
equipment on or available for lease
|
70.4
|
|
81.5
|
|
Other current
assets
|
86.4
|
|
68.5
|
|
Total current
assets
|
1,426.9
|
|
1,389.6
|
|
Property, plant, and
equipment, net
|
161.5
|
|
171.7
|
|
Goodwill and
intangible assets, net
|
783.9
|
|
790.2
|
|
Rotable assets
supporting long-term programs
|
170.8
|
|
166.3
|
|
Operating lease
right-of-use assets, net
|
93.4
|
|
96.6
|
|
Other non-current
assets
|
146.8
|
|
155.6
|
|
Total
assets
|
$
2,783.3
|
|
$ 2,770.0
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Accounts
payable
|
$
257.5
|
|
$ 238.0
|
|
Other current
liabilities
|
209.4
|
|
228.9
|
|
Total current
liabilities
|
466.9
|
|
466.9
|
|
Long-term
debt
|
981.0
|
|
985.4
|
|
Operating lease
liabilities
|
78.9
|
|
80.3
|
|
Other liabilities
and deferred revenue
|
46.3
|
|
47.6
|
|
Total
liabilities
|
1,573.1
|
|
1,580.2
|
|
Equity
|
1,210.2
|
|
1,189.8
|
|
Total liabilities and
equity
|
$
2,783.3
|
|
$ 2,770.0
|
|
AAR CORP. and
subsidiaries
|
| Condensed consolidated statements of cash
flows
(In millions –
unaudited)
|
Three months
ended
August
31,
|
|
2024
|
|
2023
|
|
Cash flows used in
operating activities:
|
|
|
|
|
Net income
(loss)
|
$
18.0
|
|
$ (0.6)
|
|
Adjustments
to reconcile net income (loss) to net cash used in operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
14.2
|
|
8.4
|
|
Stock-based compensation expense
|
5.0
|
|
4.3
|
|
Pension settlement
charge
|
––
|
|
26.7
|
|
Changes in certain assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
(23.7)
|
|
(40.5)
|
|
Contract
assets
|
(24.5)
|
|
(12.3)
|
|
Inventories
|
(14.8)
|
|
(39.8)
|
|
Prepaid expenses
and other current
assets
|
(8.5)
|
|
(8.8)
|
|
Rotable assets
supporting long-term programs
|
(6.5)
|
|
(1.0)
|
|
Accounts payable
and other current liabilities
|
8.5
|
|
54.2
|
|
Other
|
13.7
|
|
(9.1)
|
|
Net cash used
in operating activities – continuing operations
|
(18.6)
|
|
(18.5)
|
|
Net cash used
in operating activities – discontinued operations
|
––
|
|
(0.2)
|
|
Net cash used
in operating activities
|
(18.6)
|
|
(18.7)
|
|
|
|
|
|
Cash flows used in
investing activities:
|
|
|
|
|
Property,
plant, and equipment
expenditures
|
(7.9)
|
|
(9.1)
|
|
Acquisition
|
2.9
|
|
––
|
|
Other
|
(0.3)
|
|
(2.5)
|
|
Net cash used in
investing activities
|
(5.3)
|
|
(11.6)
|
|
|
|
|
|
Cash flows provided
by (used in) financing activities:
|
|
|
|
|
Short-term
borrowings (repayments) on Revolving Credit Facility,
net
|
(5.0)
|
|
35.0
|
|
Other
|
(4.1)
|
|
3.7
|
|
Net cash provided by
(used in) financing activities
|
(9.1)
|
|
38.7
|
|
Increase (Decrease)
in cash, cash equivalents, and restricted
cash
|
(33.0)
|
|
8.4
|
|
Cash, cash
equivalents, and restricted cash at beginning of
period
|
96.1
|
|
81.8
|
|
Cash, cash
equivalents, and restricted cash at end of
period
|
$
63.1
|
|
$ 90.2
|
|
AAR CORP. and
subsidiaries
|
|
Third-party sales by
operating segment
(In millions -
unaudited)
|
Three months
ended
August
31,
|
|
2024
|
|
2023
|
|
Parts
Supply
|
$
249.7
|
|
$ 236.8
|
|
Repair &
Engineering
|
217.6
|
|
137.5
|
|
Integrated
Solutions
|
168.9
|
|
156.3
|
|
Expeditionary
Services
|
25.5
|
|
19.1
|
|
$
661.7
|
|
$ 549.7
|
|
|
|
Operating income (loss)
by operating segment
(In millions -
unaudited)
|
Three months
ended
August
31,
|
|
2024
|
|
2023
|
|
Parts
Supply
|
$
30.1
|
|
$ 15.1
|
|
Repair &
Engineering
|
21.1
|
|
9.1
|
|
Integrated
Solutions
|
7.7
|
|
7.7
|
|
Expeditionary
Services
|
(1.7)
|
|
1.3
|
|
57.2
|
|
33.2
|
|
Corporate and
other
|
(13.8)
|
|
(7.9)
|
|
$
43.4
|
|
$ 25.3
|
Adjusted net income, adjusted diluted earnings per share,
adjusted operating margin, adjusted cash provided by (used in)
operating activities, adjusted EBITDA, net debt, net debt to
adjusted EBITDA (net leverage), and net debt to pro forma adjusted
EBITDA (net pro forma leverage) are "non-GAAP financial measures"
as defined in Regulation G of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). We believe these non-GAAP
financial measures are relevant and useful for investors as they
illustrate our core operating performance, cash flows, and leverage
unaffected by the impact of certain items that management does not
believe are indicative of our ongoing and core operating
activities. When reviewed in conjunction with our GAAP results and
the accompanying reconciliations, we believe these non-GAAP
financial measures provide additional information that is useful to
gain an understanding of the factors and trends affecting our
business and provide a means by which to compare our operating
performance and leverage against that of other companies in the
industries we compete. These non-GAAP measures should be
considered as a supplement to, and not as a substitute for, or
superior to, the corresponding measures calculated in accordance
with GAAP.
Our non-GAAP financial measures reflect adjustments for certain
items including, but not limited to, the following:
- Investigation costs comprised of legal and professional fees
related to addressing potential violations of the U.S. Foreign
Corrupt Practices Act, which we self-reported to the U.S.
Department of Justice and other agencies.
- Expenses associated with recent acquisition activity including
professional fees for legal, due diligence, and other acquisition
activities, bridge financing fees, intangible asset amortization,
integration costs, and compensation expense related to contingent
consideration and retention agreements.
- Pension settlement charges associated with the settlement and
termination of our frozen defined benefit pension plan.
- Legal judgments related to or impacted by the Russia/Ukraine conflict.
- Contract termination/restructuring costs comprised of gains and
losses that are recognized at the time of modifying, terminating,
or restructuring certain customer and vendor contracts, including
the loss recognized from the U.S. government exercising their
termination for convenience in the first quarter of fiscal 2025 for
our Mobility business's new-generation pallet contract.
- Losses related to the sale and exit from joint ventures and our
Composites manufacturing business, including legal fees for the
performance guarantee associated with the Composites' A220 aircraft
contract.
Adjusted EBITDA is net income (loss) before interest income
(expense), other income (expense), income taxes, depreciation and
amortization, stock-based compensation, and items of an unusual
nature including but not limited to business divestitures and
acquisitions, workforce actions, investigation and remediation
compliance costs, pension settlement charges, legal judgments,
acquisition, integration, and amortization expenses from recent
acquisition activity, and significant customer contract
terminations.
Pursuant to the requirements of Regulation G of the Exchange
Act, we are providing the following tables that reconcile the
above-mentioned non-GAAP financial measures to the most directly
comparable GAAP financial measures:
|
Adjusted net income
(In millions -
unaudited)
|
Three months
ended
August
31,
|
|
2024
|
2023
|
|
Net income
(loss)
|
$
18.0
|
$ (0.6)
|
|
Acquisition,
integration, and amortization expenses
|
9.0
|
2.8
|
|
Investigation
costs
|
5.0
|
1.1
|
|
Contract termination
costs
|
3.2
|
––
|
|
Loss (Gain) related
to sale of business/joint venture
|
(1.3)
|
0.7
|
|
Pension settlement
charge
|
––
|
26.7
|
|
Russian bankruptcy
court judgment
|
––
|
11.2
|
|
Tax effect on
adjustments (a)
|
(3.6)
|
(14.6)
|
|
Adjusted net
income
|
$
30.3
|
$ 27.3
|
|
|
|
(a)
|
Calculation uses
estimated statutory tax rates on non-GAAP adjustments except for
the tax effect of the pension settlement charge which includes
income taxes previously recognized in accumulated other
comprehensive loss.
|
|
Adjusted diluted earnings per
share
(unaudited)
|
Three months
ended
August
31,
|
|
2024
|
2023
|
|
Diluted earnings
(loss) per share
|
$
0.50
|
$
(0.02)
|
|
Acquisition,
integration, and amortization expenses
|
0.25
|
0.08
|
|
Investigation
costs
|
0.14
|
0.03
|
|
Contract termination
costs
|
0.09
|
––
|
|
Loss (Gain) related
to sale of business/joint venture
|
(0.03)
|
0.02
|
|
Pension settlement
charge
|
––
|
0.76
|
|
Russian bankruptcy
court judgment
|
––
|
0.32
|
|
Tax effect on
adjustments (a)
|
(0.10)
|
(0.41)
|
|
Adjusted diluted
earnings per share
|
$
0.85
|
$ 0.78
|
|
|
|
(a)
|
Calculation uses
estimated statutory tax rates on non-GAAP adjustments except for
the tax effect of the pension settlement charge which includes
income taxes previously recognized in accumulated other
comprehensive loss.
|
|
Adjusted operating margin
(In millions -
unaudited)
|
Three months
ended
|
|
August 31,
2024
|
May 31,
2024
|
August 31,
2023
|
|
Sales
|
$
661.7
|
$ 656.5
|
$ 549.7
|
|
Contract termination
costs
|
(9.5)
|
2.3
|
––
|
|
Adjusted
sales
|
$
652.2
|
$ 658.8
|
$ 549.7
|
|
|
|
|
|
Operating
income
|
$
43.4
|
$ 32.6
|
$25.3
|
|
Acquisition,
integration, and amortization expenses
|
9.0
|
18.6
|
2.8
|
|
Investigation
costs
|
5.0
|
4.8
|
1.1
|
|
Contract termination
costs
|
3.2
|
4.8
|
––
|
|
Gain related to sale
of joint venture
|
(1.4)
|
––
|
––
|
|
Severance
charges
|
––
|
0.5
|
––
|
|
Russian bankruptcy
court judgment
|
––
|
––
|
11.2
|
|
Adjusted operating
income
|
$
59.2
|
$ 61.3
|
$ 40.4
|
|
|
|
|
|
Adjusted operating
margin
|
9.1 %
|
9.3 %
|
7.3 %
|
|
Adjusted cash flows used in operating
activities
(In millions -
unaudited)
|
Three months
ended
August
31,
|
|
2024
|
2023
|
|
Cash flows used in
operating activities
|
$
(18.6)
|
$ (18.7)
|
|
Amounts outstanding
on accounts receivable financing program:
|
|
|
|
Beginning of
period
|
13.7
|
12.8
|
|
End of
period
|
(29.0)
|
(13.7)
|
|
Adjusted cash flows
used in operating activities
|
$
(33.9)
|
$ (19.6)
|
|
Adjusted EBITDA
(In millions -
unaudited)
|
Three months
ended
August
31,
|
|
Year
ended
May
31,
|
|
|
2024
|
2023
|
|
2024
|
|
|
Net income
(loss)
|
$
18.0
|
$
(0.6)
|
|
$ 46.3
|
|
|
Income tax expense
(benefit)
|
6.9
|
(6.9)
|
|
12.0
|
|
|
Other expense,
net
|
0.1
|
––
|
|
0.4
|
|
|
Interest expense,
net
|
18.3
|
5.4
|
|
41.0
|
|
|
Depreciation and
amortization
|
13.5
|
8.4
|
|
41.2
|
|
|
Acquisition and
integration expenses
|
5.0
|
1.8
|
|
29.7
|
|
|
Investigation
costs
|
5.0
|
1.1
|
|
10.5
|
|
|
Contract
termination/restructuring costs and loss
provisions,
net
|
3.2
|
––
|
|
4.8
|
|
|
Loss (Gain) related
to sale of business/joint venture
|
(1.3)
|
0.7
|
|
2.8
|
|
|
Pension settlement
charge
|
––
|
26.7
|
|
26.7
|
|
|
Russian bankruptcy
court judgment
|
––
|
11.2
|
|
11.2
|
|
Severance
charges
|
––
|
––
|
|
0.5
|
|
|
Stock-based
compensation
|
5.0
|
4.3
|
|
15.3
|
|
|
Adjusted
EBITDA
|
$
73.7
|
$ 52.1
|
|
$ 242.4
|
|
|
Net debt
(In millions -
unaudited)
|
August 31,
2024
|
|
August 31,
2023
|
|
Total
debt
|
$992.0
|
|
$307.0
|
|
Less: Cash and cash
equivalents
|
(49.3)
|
|
(70.3)
|
|
Net
debt
|
$942.7
|
|
$236.7
|
|
Net debt to adjusted EBITDA
(In millions -
unaudited)
|
|
|
Adjusted EBITDA for
the year ended May 31, 2024
|
$
242.4
|
|
Less: Adjusted
EBITDA for the three months ended August 31, 2023
|
(52.1)
|
|
Plus: Adjusted
EBITDA for the three months ended August 31, 2024
|
73.7
|
|
Adjusted EBITDA for
the twelve months ended August 31, 2024
|
$
264.0
|
|
Net debt at August
31, 2024
|
$
942.7
|
|
Net debt to Adjusted
EBITDA
|
3.57
|
|
|
|
Net debt to pro forma adjusted
EBITDA
|
|
|
(In millions - unaudited)
|
|
|
AAR CORP. adjusted EBITDA for the twelve months ended
August 31, 2024
|
$
264.0
|
|
Plus: Product Support adjusted EBITDA for the
six months ended February 29, 2024
|
20.4
|
|
Pro forma adjusted EBITDA for the twelve months ended
August 31, 2024
|
$
284.4
|
|
AAR CORP. net debt at August 31,
2024
|
$
942.7
|
|
Net debt to pro forma adjusted
EBITDA
|
3.31
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/aar-reports-first-quarter-fiscal-year-2025-results-302256085.html
SOURCE AAR CORP.
