AIR - Why Shares of AAR Are Soaring Today
Shares of AAR (NYSE: AIR) were up 10% on Friday after the aerospace maintenance and parts provider reported better-than-expected quarterly results. The COVID-19 pandemic is taking its toll, but the company's overall business is holding up much better than Wall Street had feared.
On Thursday after markets closed AAR reported fiscal first-quarter earnings of $0.17 per share on revenue of $400.8 million, beating consensus expectations for a $0.05 per share loss on sales of $382 million.
The pandemic has crimped commercial aerospace sales because with airlines flying fewer planes, demand for spare parts and maintenance services has fallen. Overall AAR sales fell 26% in the quarter year over year, with commercial revenue down 48%.
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Why Shares of AAR Are Soaring Today