StandardAero - a US-based MRO provider - swung to a profit of $16.4 million, compared to its net loss of $17.9 million in the same period last year.
Revenues increased 13.2% to $1.2bn in the quarter, driven by both its engine services and component repair services segments. StandardAero's engine services segment's revenues climbed 12.9% to $1.1bn, while the component repair services segment recorded revenues of $154.3 million, up 15.2% from last year.
The company saw particular strength in the commercial aerospace and business aviation end markets, with both increasing 20% and 15%, respectively.
The company's operating income was $98 million, up from $74.8 million last year.
As of the quarter's end, its assets were valued at $6.1bn. Total liabilities and stockholders' equity was $6.1bn.
The company recently complete its $1.7bn initial public offering (IPO), which was priced in October. Some $1.2bn net proceeds were used to pay down its debts and de-lever the business.
“Following our successful IPO, we significantly de-levered the balance sheet, providing increased financial flexibility as we pursue our strategic initiatives,” said StandardAero chairman and CEO Russell Ford.
The company also refinanced its capital structure with a new term loan and revolving credit facility increased its liquidity, extended maturities, and is expected to result in over $130 million in annual interest savings.