In a report published by Wedbush, Outperform rating is maintained on AAR AIR.
Wedbush said that AAR fiscal 3Q 2011 results came in strong at $0.45 EPS relative to its estimate of $0.43 and consensus of $0.42. “$451 million in revenue also exceeded consensus expectations of $447 million and was in line with our estimate. The beat was driven exclusively by the company's commercial businesses, with both Aviation Supply Chain and MRO outperforming relative to our expectations in the top-line, and MRO specifically in gross margins. (Remember, AAR provides operating margins only at the total company level.) The 3Q 11 was when the company was due to see a spike in its billings for its Delta 767 crew rest area contract. We believe these billings will revert in 4Q 11 back to 2Q 11 levels.”
AAR closed yesterday at $26.16.
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