AAR Q3 Profit Falls; Cuts FY14 Outlook Again

(RTTNews) - AAR Corp. (AIR) today reported net income for the third quarter of $17.9 million or $0.45 per share, compared to $18.4 million or $0.46 per share for the year-ago quarter.

The latest quarter results include a $2.7 million tax benefit and a $0.7 million reduction in net income due to the impact of a weaker U.S. dollar.

Third quarter sales fell to $474.4 million from $520.2 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.47 per share on revenue of $525.63 million for the third quarter.

For the fiscal year 2014, the company now forecasts revenue of $2.00 billion to $2.05 billion and earnings of $1.79 to $1.82 per share. Previously, the company forecast revenues of $2.10 billion to $2.15 billion and earnings of $1.95 to $2.00 per share.