US based aircraft maintenance services provider AAR has posted positive first fiscal quarter 2024 results. It swung to a net profit of $18 million in the quarter, compared to a net loss of $0.6 million in the same period a year prior.
The company recorded first quarter sales of $662 million, up from $59.7 million last year. The company recorded an operating income of $43.4 million, up from $25.3 million last year.
"During the quarter, we continued to execute well across the company," said AAR president and CEO John Holmes. "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 company's selling, general, and administrative expenses were $75.9 million in the quarter, compared to $74.7 million in the prior year quarter. Acquisition, amortisation, and integration expenses were $7.1 million in the current quarter, compared to $2.9 million last year.
Holmes added: "The quarter also included meaningful contributions from Trax, and the recent product support acquisition continues to exceed our expectations."
AAR acquired Trax in April last year, as well as Triumph Group's product support in March this year.
As of August 31, 2024, the company's total liabilities and equity totalled $2.9bn. Its total assets were valued at $2.8bn.