AAR fiscal 1st-quarter profit rises 21 percent

Aerospace supplier AAR Corp. said its first-quarter profits rose 21.4 percent on strength in its aviation parts, maintenance, and structures and systems divisions.

The company said late Tuesday it earned $18.4 million, or 44 cents per share, up from $15.2 million, or 36 cents per share, during the same period last year.

Revenue rose 17.6 percent to $359.9 million from $306 million.

Analysts surveyed by Thomson Reuters expected profit of 45 cents per share on revenue of $362.2 million for the quarter ended Aug. 31.

AAR's Aviation Supply Chain segment saw sales grow 8 percent to $153.5 million because of strong aftermarket parts sales to commercial and defense customers and strength in its logistics programs.

Its maintenance, repair and overhaul segment saw sales grow 38 percent to $86.3 million after the acquisition of Avborne Heavy Maintenance and strength in AAR's landing gear business.

In the company's structures and systems division, sales grew 53 percent to $116.8 million on organic growth from its mobility, composite structures, and cargo systems businesses as well as the acquisition of SUMMA Technology.