AAR has posted third quarter fiscal year 2015 consolidated sales of $380.1m and net loss of $34.5m after discontinuing operations of Telair Cargo Group and Precision Systems Manufacturing.
For the third quarter, AAR reported sales of $399.8m and net income of $17.9m. Income from continuing operations fell to $1.9m compared to $16.9m net income in the prior year period, due to a $46.4m pre-tax impairment charge for the write down of the Precision Systems Manufacturing business a $4.7m pre-tax impairment charge to reduce the carrying value of aircraft for sale by the company’s airlift business, and $2.5m of severance due to downsizing and costs related to a large government proposal.
Sales in the Aviation Services segment rose 9.9% to $318.4m, while sales in Expeditionary Services declined by 44% to $61.7mi, due to the decline at airlift.