John Holmes on earnings
From AAR Corp AIR CEO John Holmes on Q3 2020 Results · · Daily Earnings Calls
“Turning to our results, we had a record third quarter — sales were up 4% from $530 million to $553 million and our adjusted diluted earnings per share from continuing operations increased from $0.62 to $0.67 per share.”
On , John Holmes, Chief Executive Officer, President & Chairman of the Board at AAR CORP, spoke about earnings during AAR Corp AIR CEO John Holmes on Q3 2020 Results on Daily Earnings Calls.
About John Holmes
During AAR's third quarter fiscal 2020 earnings call on December 1, 2020, Holmes reported record quarterly sales of $553 million, up 4% year-over-year, and adjusted diluted earnings per share of $0.67. He stated that the company had taken decisive action to exit one contract and restructure two others, resulting in a one-time charge of $24.7 million. Citing the effects of COVID-19 on the commercial airline market, Holmes announced the withdrawal of fiscal year 2020 guidance. He described steps the company was taking to align costs with decreasing demand, including a hiring freeze, reductions in executive compensation, furloughs, and workforce reductions. Holmes noted that he had been in direct contact with members of Congress and the administration regarding potential support for the broader aviation industry, emphasizing the need to preserve heavy maintenance capability and the skilled workforce in the United States. In a September 2019 podcast, Holmes discussed AAR's workforce development initiatives, including a partnership with Chicago city colleges to launch an aviation-focused transportation campus. He described AAR as the largest supplier of used airframe and engine parts globally and said the company had shifted from a subcontractor to a prime contractor on U.S. government contracts, applying commercial best practices to government offerings. Holmes stated that the company was positioning itself to support both existing fleets and next-generation aircraft as they mature, and that consolidation in the industry could create aftermarket support opportunities for AAR.