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- First quarter gross sales of $662 million, up 20% over the prior yr
- First quarter GAAP diluted income in line with proportion of $0.50 in comparison to a loss in line with proportion of $0.02 in Q1 FY2024
- First quarter adjusted diluted income in line with proportion of $0.85, up 9% from $0.78 in Q1 FY2024
- Gross sales enlargement of 20% in each our industrial and govt companies
WOOD DALE, Unwell., Sept. 23, 2024 /PRNewswire/ — AAR CORP. (NYSE: AIR), a chief supplier of flying products and services to industrial and govt operators, MROs, and OEMs, these days reported first quarter fiscal yr 2025 consolidated gross sales of $661.7 million and web source of revenue of $18.0 million, or $0.50 in line with diluted proportion. For the primary quarter of the prior yr, the Corporate reported gross sales of $549.7 million and a web lack of $0.6 million, or $0.02 in line with diluted proportion. Our adjusted diluted income in line with proportion within the first quarter of fiscal yr 2025 had been $0.85, in comparison to $0.78 within the first quarter of the prior yr.
Consolidated first quarter gross sales larger 20% over the prior yr quarter. Our consolidated gross sales to industrial consumers and to govt consumers each larger 20% over the prior yr quarter. Those will increase had been essentially because of the purchase of the Product Assistance trade and natural enlargement. Gross sales to industrial consumers had been 71% of consolidated gross sales in each the new and prior yr quarters.
“During the quarter, we continued to execute well across the company. 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 quarter also included meaningful contributions from Trax, and the recent Product Support acquisition continues to exceed our expectations,” mentioned John M. Holmes, Chairman, President and Government Officer of AAR CORP.
Promoting, normal, and administrative bills had been $75.9 million within the new quarter, in comparison to $74.7 million within the prior yr quarter. Acquisition, amortization, and integration bills had been $7.1 million within the new quarter in comparison to $2.9 million within the prior yr quarter.
Running margins had been 6.6% within the new quarter, in comparison to 4.6% within the prior yr quarter. Adjusted working margin larger from 7.3% within the prior yr quarter to 9.1% within the new yr quarter. The enhanced adjusted margin over the prior yr is essentially pushed by way of the favorable contribution from the just lately received Product Assistance trade in addition to advanced execution.
All the way through and next to the quarter, we won more than one up-to-date oath awards, together with:
- 5-year company constant charge IDIQ oath with an combination ceiling worth of roughly $1.2 billion from the U.S. Military’s Naval Breeze Programs Command (NAVAIR) to accomplish engine store upkeep and service for its P-8A Poseidon Plane fleet
- 5-year company constant charge IDIQ oath with an combination ceiling worth of roughly $1.2 billion by way of NAVAIR to accomplish P-8A Poseidon store airframe upkeep and store grassland staff aid for the U.S. Military, govt of Australia, and overseas army gross sales consumers
- More than one, long-term distribution promises with Ontic that make bigger our aid throughout diverse govt and industrial platforms
Internet pastime expense for the quarter was once $18.3 million, in comparison to $5.4 million extreme yr, essentially because of larger debt ranges on account of investment the Product Assistance acquisition. Moderate diluted proportion depend larger from 35.1 million stocks within the prior yr quarter to 35.6 million stocks within the new yr quarter. From a capital deployment viewpoint, we’re prioritizing debt reimbursement however will assessment proportion repurchases at the side of alternative sexy funding alternatives to deploy our capital. We’ve got $52.5 million residue on our $150 million proportion repurchase program.
Money wave old in working actions was once $18.6 million throughout the new quarter in comparison to $18.7 million within the prior yr quarter. As of August 31, 2024, our web debt was once $942.7 million and our web leverage, professional forma for the extreme 12 months adjusted EBITDA of the Product Assistance trade was once 3.31x. With the exception of our accounts receivable financing program, our money wave old in working actions was once $33.9 million within the new quarter.
Holmes concluded, “We have been expanding our adjusted operating margin each quarter over the past three years and I am proud of our team’s strong execution. As we continue to drive growth in our higher margin activities as well as fully integrate the Product Support business, we expect further margin expansion. Demand remains exceptionally strong for our services and we expect continued growth across both our commercial and government businesses.”
Convention name knowledge
On Monday, September 23, 2024, at 4 p.m. Central era, AAR will keep a convention name to speak about the effects. A listen-only webcast and slides can also be accessed at https://edge.media-server.com/mmc/p/4zxrgath/. Contributors might fix by way of telephone by way of registering at https://register.vevent.com/register/BI842bfc6277834251b3d46d91d48ddae4. As soon as registered, individuals will obtain a dial-in quantity and a singular PIN that can let them get entry to the decision. The slides also are to be had on AAR’s web site at https://www.aarcorp.com/f1q25investor.pdf.
A replay of the convention name might be to be had for on-demand listening in a while later the crowning glory of the decision on the webcast hyperlink and can stay to be had for about one yr.
About AAR
AAR is an international aerospace and protection aftermarket answers corporate with operations in over 20 international locations. Headquartered within the Chicago section, AAR helps industrial and govt consumers thru 4 working areas: Portions Provide, Restore & Engineering, Built-in Answers, and Expeditionary Services and products. Supplementary knowledge can also be discovered at aarcorp.com.
Touch: Investor Family members | +1-630-227-2017 | [email protected]
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This press shed comprises sure statements when it comes to week effects, which might be forward-looking statements as that word is outlined within the Personal Securities Litigation Reform Office of 1995, which mirror control’s expectancies about week statuses, together with, however no longer restricted to, persevered call for within the industrial and govt flying markets, expected actions and advantages below prolonged, expanded and up-to-date products and services, provide and distribution promises, alternatives for capital deployment and margin growth, income efficiency, contributions from our fresh acquisitions, and expectancies for our up-to-date portions distribution actions. |
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Ahead-looking statements continuously deal with our anticipated week working and fiscal efficiency and fiscal situation, or sustainability goals, targets, loyalty, and alternative trade plans, and continuously will also be known as a result of they comprise phrases equivalent to “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or indistinguishable expressions and the negatives of the ones phrases. |
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Those forward-looking statements are in accordance with the ideals of Corporate control, in addition to suppositions and estimates in accordance with knowledge to be had to the Corporate as of the dates such suppositions and estimates are made, and are matter to sure dangers and uncertainties that might purpose untouched effects to range materially from ancient effects or the ones expected, relying on plenty of components, together with: (i) components that adversely impact the industrial flying business; (ii) antagonistic occasions and destructive exposure within the flying business; (iii) a discount in gross sales to the U.S. govt and its contractors; (iv) price overruns and losses on fixed-price guarantees; (v) nonperformance by way of subcontractors or providers; (vi) a discount in outsourcing of upkeep task by way of airways; (vii) a lack of professional staff or paintings stoppages; (viii) festival from alternative firms; (ix) monetary, operational and criminal dangers bobbing up on account of working the world over; (x) incapability to combine acquisitions successfully and shoot operational and fiscal plans indistinguishable to the acquisitions; (xi) failure to comprehend the predicted advantages of acquisitions; (xii) instances related to divestitures; (xiii) incapability to recuperate prices because of fluctuations in marketplace values for flying merchandise and kit; (xiv) cyber or alternative safety blackmails or disruptions; (xv) a want to put together important capital expenditures to retain while with technological trends in our business; (xvi) restrictions on significance of highbrow detail and tooling remarkable to our trade; (xvii) incapability to totally shoot our inventory repurchase program and go back capital to stockholders; (xviii) boundaries on our skill to get entry to the debt and fairness capital markets or to attract ill budget below mortgage promises; (xix) non-compliance with restrictive and fiscal covenants contained in our debt and mortgage promises; (xx) adjustments in or non-compliance with regulations and laws indistinguishable to federal contractors, the flying business, world operations, protection, and environmental issues, and the prices of complying with such regulations and laws; and (xxi) publicity to product legal responsibility and detail claims that can be in profusion of our legal responsibility insurance plans. Must a number of of the ones dangers or uncertainties materialize adversely, or will have to underlying suppositions or estimates turn out flawed, untouched effects might range materially from the ones described. The ones occasions and uncertainties are tricky or unattainable to expect correctly and plenty of are past our keep an eye on. |
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For a dialogue of those and alternative dangers and uncertainties, please see our Annual Record on Mode 10-Ok, Section I, “Item 1A, Risk Factors” and our alternative filings from era to era with the usSecurities and Alternate Fee. Those occasions and uncertainties are tricky or unattainable to expect correctly and plenty of are past the Corporate’s keep an eye on. The hazards described in those studies aren’t the one dangers we are facing, as extra dangers and uncertainties aren’t these days identified or foreseeable or unattainable to expect correctly or dangers which might be past the Corporate’s keep an eye on or deemed immaterial might materially adversely impact our trade, monetary situation or result of operations in week sessions. We suppose incorrect legal responsibility to replace any forward-looking statements to mirror occasions or instances later the generation of such statements or to mirror the incidence of expected or unanticipated occasions. |
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AAR CORP. and subsidiaries |
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Condensed consolidated statements of operations (In tens of millions except for in line with proportion information – unaudited) |
3 months ended August 31, |
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2024 |
2023 |
||||
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Gross sales |
$ 661.7 |
$ 549.7 |
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Price of gross sales |
544.5 |
448.4 |
|||
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Rude benefit |
117.2 |
101.3 |
|||
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Provision for credit score losses |
0.2 |
0.4 |
|||
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Promoting, normal and administrative |
75.9 |
74.7 |
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Profits (Loss) from joint ventures |
2.3 |
(0.9) |
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Running source of revenue |
43.4 |
25.3 |
|||
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Pension agreement rate |
–– |
(26.7) |
|||
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Losses indistinguishable to sale and advance of industrial |
(0.1) |
(0.7) |
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Hobby expense, web |
(18.3) |
(5.4) |
|||
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Alternative expense, web |
(0.1) |
–– |
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Source of revenue (Loss) prior to source of revenue taxes |
24.9 |
(7.5) |
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Source of revenue tax expense (get advantages) |
6.9 |
(6.9) |
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Internet source of revenue (loss) |
$ 18.0 |
$ (0.6) |
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Profits (Loss) in line with proportion – Unsophisticated and Diluted |
$ 0.50 |
$ (0.02) |
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Proportion information: |
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Weighted reasonable stocks exceptional – Unsophisticated |
35.2 |
34.7 |
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Weighted reasonable stocks exceptional – Diluted |
35.6 |
35.1 |
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AAR CORP. and subsidiaries |
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Condensed consolidated steadiness sheets (In tens of millions) |
August 31, 2024 |
Might 31, 2024 |
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(unaudited) |
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ASSETS |
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Money and money equivalents |
$ 49.3 |
$ 85.8 |
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Limited money |
13.8 |
10.3 |
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Accounts receivable, web |
310.9 |
287.2 |
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Commitment property |
147.9 |
123.2 |
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Inventories, web |
748.2 |
733.1 |
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Rotable property and kit on or to be had for rent |
70.4 |
81.5 |
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Alternative new property |
86.4 |
68.5 |
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Overall new property |
1,426.9 |
1,389.6 |
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Detail, plant, and kit, web |
161.5 |
171.7 |
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Approbation and intangible property, web |
783.9 |
790.2 |
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Rotable property supporting long-term systems |
170.8 |
166.3 |
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Running rent right-of-use property, web |
93.4 |
96.6 |
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Alternative non-current property |
146.8 |
155.6 |
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Overall property |
$ 2,783.3 |
$ 2,770.0 |
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LIABILITIES AND EQUITY |
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Accounts payable |
$ 257.5 |
$ 238.0 |
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Alternative new liabilities |
209.4 |
228.9 |
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Overall new liabilities |
466.9 |
466.9 |
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Lengthy-term debt |
981.0 |
985.4 |
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Running rent liabilities |
78.9 |
80.3 |
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Alternative liabilities and deferred income |
46.3 |
47.6 |
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Overall liabilities |
1,573.1 |
1,580.2 |
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Fairness |
1,210.2 |
1,189.8 |
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Overall liabilities and fairness |
$ 2,783.3 |
$ 2,770.0 |
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AAR CORP. and subsidiaries |
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| Condensed consolidated statements of money flows
(In tens of millions – unaudited) |
3 months ended August 31, |
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2024 |
2023 |
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Money flows old in working actions: |
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Internet source of revenue (loss) |
$ 18.0 |
$ (0.6) |
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Changes to reconcile web source of revenue (loss) to web money old in working actions: |
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Depreciation and amortization |
14.2 |
8.4 |
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Keep-based repayment expense |
5.0 |
4.3 |
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Pension agreement rate |
–– |
26.7 |
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Adjustments in sure property and liabilities: |
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Accounts receivable |
(23.7) |
(40.5) |
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Commitment property |
(24.5) |
(12.3) |
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Inventories |
(14.8) |
(39.8) |
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Pay as you go bills and alternative new property |
(8.5) |
(8.8) |
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Rotable property supporting long-term systems |
(6.5) |
(1.0) |
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Accounts payable and alternative new liabilities |
8.5 |
54.2 |
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Alternative |
13.7 |
(9.1) |
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Internet money old in working actions – proceeding operations |
(18.6) |
(18.5) |
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Internet money old in working actions – discontinued operations |
–– |
(0.2) |
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Internet money old in working actions |
(18.6) |
(18.7) |
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Money flows old in making an investment actions: |
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Detail, plant, and kit expenditures |
(7.9) |
(9.1) |
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Acquisition |
2.9 |
–– |
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Alternative |
(0.3) |
(2.5) |
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Internet money old in making an investment actions |
(5.3) |
(11.6) |
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Money flows supplied by way of (old in) financing actions: |
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Decrease-term borrowings (repayments) on Revolving Credit score Facility, web |
(5.0) |
35.0 |
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Alternative |
(4.1) |
3.7 |
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Internet money supplied by way of (old in) financing actions |
(9.1) |
38.7 |
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Build up (Short) in money, money equivalents, and limited money |
(33.0) |
8.4 |
|
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Money, money equivalents, and limited money at starting of length |
96.1 |
81.8 |
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Money, money equivalents, and limited money at finish of length |
$ 63.1 |
$ 90.2 |
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AAR CORP. and subsidiaries |
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3rd-party gross sales by way of working area (In tens of millions – unaudited) |
3 months ended August 31, |
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2024 |
2023 |
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Portions Provide |
$ 249.7 |
$ 236.8 |
|
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Restore & Engineering |
217.6 |
137.5 |
|
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Built-in Answers |
168.9 |
156.3 |
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Expeditionary Services and products |
25.5 |
19.1 |
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|
$ 661.7 |
$ 549.7 |
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Running source of revenue (loss) by way of working area (In tens of millions – unaudited) |
3 months ended August 31, |
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|
2024 |
2023 |
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Portions Provide |
$ 30.1 |
$ 15.1 |
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Restore & Engineering |
21.1 |
9.1 |
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Built-in Answers |
7.7 |
7.7 |
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Expeditionary Services and products |
(1.7) |
1.3 |
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|
57.2 |
33.2 |
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Company and alternative |
(13.8) |
(7.9) |
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$ 43.4 |
$ 25.3 |
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Adjusted web source of revenue, adjusted diluted income in line with proportion, adjusted working margin, adjusted money supplied by way of (old in) working actions, adjusted EBITDA, web debt, web debt to adjusted EBITDA (web leverage), and web debt to professional forma adjusted EBITDA (web professional forma leverage) are “non-GAAP financial measures” as outlined in Legislation G of the Securities Alternate Office of 1934, as amended (the “Exchange Act”). We imagine those non-GAAP monetary measures are related and helpful for buyers as they illustrate our core working efficiency, money flows, and leverage unaffected by way of the affect of sure pieces that control does no longer imagine are indicative of our ongoing and core working actions. When reviewed along with our GAAP effects and the accompanying reconciliations, we imagine those non-GAAP monetary measures lend extra knowledge that turns out to be useful to realize an figuring out of the standards and tendencies affecting our trade and lend a way in which to match our working efficiency and leverage in opposition to that of alternative firms within the industries we compete. Those non-GAAP measures will have to be thought to be as a complement to, and no longer as an alternative to, or superb to, the corresponding measures calculated based on GAAP.
Our non-GAAP monetary measures mirror changes for sure pieces together with, however no longer restricted to, refer to:
- Investigation prices made out of criminal {and professional} charges indistinguishable to addressing possible violations of the U.S. International Corrupt Practices Office, which we self-reported to the U.S. Branch of Justice and alternative businesses.
- Bills related to fresh acquisition task together with skilled charges for criminal, due diligence, and alternative acquisition actions, bridge financing charges, intangible asset amortization, integration prices, and repayment expense indistinguishable to contingent attention and retention promises.
- Pension agreement fees related to the agreement and termination of our frozen outlined get advantages 401-k.
- Criminal judgments indistinguishable to or impacted by way of the Russia/Ukraine warfare.
- Commitment termination/restructuring prices made out of good points and losses which might be identified on the era of editing, closing, or restructuring sure buyer and seller guarantees, together with the loss identified from the U.S. govt exercising their termination for comfort within the first quarter of fiscal 2025 for our Mobility trade’s new-generation pallet oath.
- Losses indistinguishable to the sale and advance from joint ventures and our Composites production trade, together with criminal charges for the efficiency contract related to the Composites’ A220 airplane oath.
Adjusted EBITDA is web source of revenue (loss) prior to pastime source of revenue (expense), alternative source of revenue (expense), source of revenue taxes, depreciation and amortization, stock-based repayment, and pieces of an odd nature together with however no longer restricted to trade divestitures and acquisitions, personnel movements, investigation and remediation compliance prices, pension agreement fees, criminal judgments, acquisition, integration, and amortization bills from fresh acquisition task, and important buyer oath terminations.
Pursuant to the necessities of Legislation G of the Alternate Office, we’re offering refer to tables that reconcile the above-mentioned non-GAAP monetary measures to essentially the most at once related GAAP monetary measures:
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Adjusted web source of revenue (In tens of millions – unaudited) |
3 months ended August 31, |
|
|
2024 |
2023 |
|
|
Internet source of revenue (loss) |
$ 18.0 |
$ (0.6) |
|
Acquisition, integration, and amortization bills |
9.0 |
2.8 |
|
Investigation prices
|
5.0 |
1.1 |
|
Commitment termination prices |
3.2 |
–– |
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Loss (Achieve) indistinguishable to sale of industrial/three way partnership
|
(1.3) |
0.7 |
|
Pension agreement rate |
––
|
26.7 |
|
Russian chapter court docket judgment |
–– |
11.2
|
|
Tax impact on changes (a) |
(3.6) |
(14.6) |
|
Adjusted web source of revenue |
$ 30.3 |
$ 27.3 |
|
(a) |
Calculation makes use of estimated statutory tax charges on non-GAAP changes except for for the tax impact of the pension agreement rate which incorporates source of revenue taxes prior to now identified in gathered alternative complete loss. |
|
Adjusted diluted income in line with proportion (unaudited) |
3 months ended August 31, |
|
|
2024 |
2023 |
|
|
Diluted income (loss) in line with proportion |
$ 0.50 |
$ (0.02) |
|
Acquisition, integration, and amortization bills |
0.25 |
0.08 |
|
Investigation prices |
0.14 |
0.03 |
|
Commitment termination prices |
0.09 |
–– |
|
Loss (Achieve) indistinguishable to sale of industrial/three way partnership |
(0.03) |
0.02 |
|
Pension agreement rate |
–– |
0.76 |
|
Russian chapter court docket judgment |
–– |
0.32 |
|
Tax impact on changes (a) |
(0.10) |
(0.41) |
|
Adjusted diluted income in line with proportion |
$ 0.85 |
$ 0.78 |
|
(a) |
Calculation makes use of estimated statutory tax charges on non-GAAP changes except for for the tax impact of the pension agreement rate which incorporates source of revenue taxes prior to now identified in gathered alternative complete loss. |
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Adjusted working margin (In tens of millions – unaudited) |
3 months ended
|
||
|
August 31, |
Might 31, |
August 31, |
|
|
Gross sales |
$ 661.7 |
$ 656.5 |
$ 549.7 |
|
Commitment termination prices |
(9.5) |
2.3 |
–– |
|
Adjusted gross sales |
$ 652.2 |
$ 658.8 |
$ 549.7 |
|
Running source of revenue |
$ 43.4 |
$ 32.6 |
$25.3 |
|
Acquisition, integration, and amortization bills |
9.0 |
18.6 |
2.8 |
|
Investigation prices |
5.0 |
4.8 |
1.1 |
|
Commitment termination prices |
3.2 |
4.8 |
–– |
|
Achieve indistinguishable to sale of three way partnership |
(1.4) |
–– |
–– |
|
Severance fees |
–– |
0.5 |
–– |
|
Russian chapter court docket judgment |
–– |
–– |
11.2 |
|
Adjusted working source of revenue |
$ 59.2 |
$ 61.3 |
$ 40.4 |
|
Adjusted working margin |
9.1 % |
9.3 % |
7.3 % |
|
Adjusted money flows old in working actions (In tens of millions – unaudited) |
3 months ended August 31, |
|
|
2024 |
2023 |
|
|
Money flows old in working actions |
$ (18.6) |
$ (18.7) |
|
Quantities exceptional on accounts receivable financing program: |
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|
Starting of length |
13.7 |
12.8 |
|
Finish of length |
(29.0) |
(13.7) |
|
Adjusted money flows old in working actions
|
$ (33.9) |
$ (19.6) |
|
Adjusted EBITDA (In tens of millions – unaudited) |
3 months ended August 31, |
Week ended Might 31, |
|||
|
2024 |
2023 |
2024 |
|||
|
Internet source of revenue (loss) |
$ 18.0 |
$ (0.6) |
$ 46.3 |
||
|
Source of revenue tax expense (get advantages) |
6.9 |
(6.9) |
12.0 |
||
|
Alternative expense, web |
0.1 |
–– |
0.4 |
||
|
Hobby expense, web |
18.3 |
5.4 |
41.0 |
||
|
Depreciation and amortization |
13.5 |
8.4 |
41.2 |
||
|
Acquisition and integration bills |
5.0 |
1.8 |
29.7 |
||
|
Investigation prices |
5.0 |
1.1 |
10.5 |
||
|
Commitment termination/restructuring prices and loss provisions, web |
3.2 |
–– |
4.8 |
||
|
Loss (Achieve) indistinguishable to sale of industrial/three way partnership |
(1.3) |
0.7 |
2.8 |
||
|
Pension agreement rate |
–– |
26.7 |
26.7 |
||
|
Russian chapter court docket judgment |
–– |
11.2 |
11.2 |
||
|
Severance fees |
–– |
–– |
0.5 |
||
|
Keep-based repayment |
5.0 |
4.3 |
15.3 |
||
|
Adjusted EBITDA |
$ 73.7 |
$ 52.1 |
$ 242.4 |
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|
Internet debt (In tens of millions – unaudited) |
August 31, |
August 31, |
|
|
Overall debt |
$992.0 |
$307.0 |
|
|
Much less: Money and money equivalents |
(49.3) |
(70.3) |
|
|
Internet debt |
$942.7 |
$236.7 |
|
Internet debt to adjusted EBITDA (In tens of millions – unaudited) |
|
|
Adjusted EBITDA for the yr ended Might 31, 2024 |
$ 242.4 |
|
Much less: Adjusted EBITDA for the 3 months ended August 31, 2023 |
(52.1) |
|
Plus: Adjusted EBITDA for the 3 months ended August 31, 2024 |
73.7 |
|
Adjusted EBITDA for the 12 months ended August 31, 2024 |
$ 264.0 |
|
Internet debt at August 31, 2024 |
$ 942.7 |
|
Internet debt to Adjusted EBITDA |
3.57 |
|
Internet debt to professional forma adjusted EBITDA |
|
|
(In tens of millions – unaudited) |
|
|
AAR CORP. adjusted EBITDA for the 12 months ended August 31, 2024 |
$ 264.0 |
|
Plus: Product Assistance adjusted EBITDA for the six months ended February 29, 2024 |
20.4 |
|
Professional forma adjusted EBITDA for the 12 months ended August 31, 2024 |
$ 284.4 |
|
AAR CORP. web debt at August 31, 2024 |
$ 942.7 |
|
Internet debt to professional forma adjusted EBITDA |
3.31 |
SOURCE AAR CORP.
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