Higher defence sales helped US-based aerospace service provider AAR Corporation to post full-year consolidated revenues of USD2.05 billion in its Fiscal Year 2019 (FY19).
For the full year, pre-tax operating income increased by 15.3% from USD73.7 million (USD2.11 per diluted share) to USD84.1 million. However, AAR noted on 10 July, losses from discontinued operations meant that net profits more than halved from USD15.6 million to USD7.5 million.
Defence and government customers accounted for 33% of AAR sales for the 12 months ended 31 May, up from 25% the previous year. In the fourth quarter alone, it reported a 37% year-on-year sales increase in its Expeditionary Services business segment, "as we began executing against recent contract awards".
Want to read more? For analysis on this article and access to all our insight content, please enquire about our subscription options at ihsmarkit.com/janes