Here is why AAR Corp. (AIR) stock plummeted in the after-hours on Tuesday?

AAR Corp. (AIR) shares declined 8.29% in after-hours on Tuesday, December 21, 2021, and closed the daily trading at $34.07. however, in the regular trading session, AIR’s stock gained 4.91%. AIR shares have risen 4.56% over the last 12 months, and they have moved up 6.36% in the past week. Over the past three months, the stock has gained 14.84%, while over the past six months, it has declined 4.74%.

Let’s have a brief look at its recent news.

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AIR latest development

On December 21, 2021, AAR CORP. (AIR) reported financial results for the second-quarter fiscal year 2022.

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Q2 2022 financial highlights

  • AIR reported total sales of $436.6 million in Q2 2022 compared to $403.6 million in Q2 2021.
  • The cost of sales was $358.2 million in Q2 2022 compared to $334.1 million in Q2 2021.
  • Gross profit margins were 18% in Q2 2022 compared to 17.2% in the prior-year quarter.
  • Selling, general and administrative expenses were $47.1 million compared to $43.4 million in Q2 2021.
  • It earned a net income of $20.8 million or $0.59 per share in Q2 2022 compared to $8.2 million or earning per share of $0.23 in Q2 2021.

AIR Stock repurchase program

On December 21, 2021, the board of directors of AAR CORP. (AIR) authorized a renewal of its stock repurchase program. The authorization permits the repurchase of up to $150 million of the Company’s common shares.

AAR will buy stock from time to time in the open market or will do privately negotiated transactions at the discretion of management.

AIR recent contract with U.S Airforce

On December 16, 2021, AAR (AIR), was awarded a ten-year $365 million firm-fixed-price, indefinite-delivery/indefinite-quantity contract with the Air Force Life Cycle Management Center to support United States Air Forces in Europe (USAFE) F-16 aircraft.

AAR will provide aircraft depot-level maintenance and repair primarily for F-16 aircraft allocated to USAFE and to support possible overflow requirements for all USAF F-16 aircraft.

Additionally, AAR will be responsible for F-16 avionics and structural depot-level maintenance and modifications, Service Life Extension Program (SLEP) modifications, drop-in maintenance, and full strip, paint, and corrosion control on selected aircraft required to sustain the F-16 fleet throughout Europe.

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AAR stock went down after its Q2 2022 financial results announcement which missed the estimates. the company also announced a share repurchase program that can take its stock towards positivity in the coming trading sessions.

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