AAR Corp. Shares Tumble on Preliminary Q4 Results, Fiscal 2013 Outlook (AIR)
Shares of AAR Corp. (NYSE: AIR), a leading provider of value added products to the global aerospace and government/defense industries, tumbled in trading on Friday after the company released its preliminary fourth-quarter results and also provided outlook on fiscal 2013.
AIR shares fell to a new 52-week low of $10.31 on Friday. The stock ended the day 10.63% lower at $10.34 on above average volume of 2.31 million.
AAR Corp. said on Friday that for the quarter ended May 31, 2012, it expects consolidated sales to be between $560 million and $565 million. The company said that sales to commercial customers are expected to rise approximately 40%. Sales in the government and defense market are expected to fall on a year-over-year basis.
AIR expects diluted earnings per share for the quarter to come in between $0.44 and $0.46.
For fiscal 2013, AAR Corp. expects commercial aviation results to remain solid and rise on a year-over-year basis. AIR also forecasts improved results at AAR Airlift as the division benefits from actions taken to improve aircraft availability. However, results at AIR’s mobility products and defense systems logistics businesses are expected to fall on a year-over-year basis. Consolidated sales for fiscal 2013 are expected to be between $2.1 billion and $2.2 billion, while diluted earnings per share for fiscal 2013 are expected to be between $1.55 and $1.65.
AAR Corp. also announced on Friday that its Board of Directors authorized a $50 million share repurchase program.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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