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AAR CORP.
Company typePublic company
IndustryAviation
Aerospace & defense
Founded1951; 73 years ago (1951)
FounderIra Allen Eichner
HeadquartersWood Dale, Illinois, U.S.
Area served
Worldwide
Key people
John Holmes
(President & CEO)
RevenueUS$1.65 billion (2021)
US$35.8 million (2021)
Total assetsUS$1.54 billion (2021)
Total equityUS$974.4 million (2021)
Number of employees
4,700 (2021)
Divisions
  • Aviation Services
  • Expeditionary Services
Websitewww.aarcorp.com
Footnotes / references
[1]

AAR CORP. is a private provider of aviation services.[2]

AAR is headquartered in Wood Dale, Illinois, a Chicago suburb near O'Hare International Airport.[3] The company employs 4,700 people worldwide.[1]

History

AAR Corp was founded in 1951.[4]

I.A. Allen Industrial was incorporated in 1955, renamed Allen Aircraft Radio in 1962, and became AAR CORP. in 1970.[4] The company was founded by Ira A. Eichner. Also, in 1969, AAR began its aircraft maintenance business in Oklahoma City. In 1965, AAR expanded to Europe and opened a Singapore office in 1982.[5]

AAR organized its Aircraft Turbine Center, Inc. in 1979 after future CEO David P. Storch, Eichner's son-in-law, joined the company.[4]

David P. Storch was CEO from 1996 to 2018. In 2018, John M. Holmes became CEO.[6]

In 2017, AAR was chosen as the prime contractor for a 15-year, $909 million landing gear award to provide total supply-chain management to support all U.S. Air Force and contractor requisitions received for all C-130, KC-135 & E-3 landing gear parts.[7]

Landing gear maintenance at Miami airport

In September 2019, the U.S. Naval Air Systems Command awarded AAR a $118M contract for procuring, modifying, and delivering two C-40 aircraft to the U.S. Marine Corps. [8]

During the Trump administration, AAR quadrupled its lobbying expenditures.[9] The company spent large sums at Trump-owned properties with the intent to get Trump to view the company more favorably.[9] From the time Trump took office until October 2020, AAR obtained 10 new federal contracts worth a total of $1.35 billion.[9]

In response to the COVID-19 pandemic, AAR began using augmented reality in their warehouses to facilitate socially-distanced communications and conduct FAA site visits and audits. They are also piloting the use of drones to assist in inspections.[10]

Miami AAR CORP female group of trainees
AAR CORP female group of trainees at the Miami airport

In March 2021, AAR publicly announced the first all-female class of technicians in training at Miami International Airport.[11]

In April 2021, AAR signed a multi-year agreement with United Airlines to provide heavy maintenance services in Rockford, Illinois. AAR plans to add up to 250 more aviation maintenance technician (AMT) jobs at the facility to meet increased demand from United.[12]

AAR is working with Embry-Riddle Aeronautical University in developing the first maintenance SkillBridge program.[13] AAR has partnered with VIPER (Veteran Internships Providing Employment Readiness) to train veterans for careers in the aviation industry.[14]

Financial Trends

Annual financial highlights (U.S. Dollars in millions except per share data):

For the year ending May 31 2021 2020 2019 2018 2017 2016
Operating performance
Net Sales 1,652.3 2,072.0 2,057.8 1,748.3 1,590.8 1,525.4
Operating profit (loss) 85.2 41.3 98.3 86.0 82.3 75.5
Diluted earnings (loss) per share

from continuing operations

1.3 0.71 2.40 2.11 1.51 1.30
Financial position
Working capital 600.2 1,055.6 595.5 609.4 553.4 540.3
Total assets 1,539.7 2,079.0 1,517.2 1,524.7 1,504.1 1,456.0
Total debt 135.2 602.0 142.9 178.9 156.2 145.3
Stockholders' equity 974.4 902.6 905.9 914.2 865.8 865.8
Sources [15] [15] [16] [16] [16] [16]

See also

References

  1. ^ a b "SEC Form 10-K". www.sec.gov.
  2. ^ "AAR Corp Profile". equities.com. Equities.com, Inc. January 17, 2018. Archived from the original on January 17, 2018. Retrieved January 17, 2018.
  3. ^ "Global Locations". AAR Corp website. Retrieved May 16, 2021.
  4. ^ a b c "AAR Corp. History". Funding Universe. January 17, 2018. Archived from the original on January 17, 2018. Retrieved April 29, 2022.
  5. ^ "History Of AAR - 60th Anniversary". Aviation Week Network. Retrieved March 24, 2021.
  6. ^ AAR. "AAR CEO David P. Storch Announces Plans to Retire". www.prnewswire.com (Press release). Retrieved December 24, 2021.
  7. ^ "USAF awards $909m landing gear support contract to AAR". Airforce Technology. March 28, 2017. Retrieved September 20, 2021.
  8. ^ "SEC Form 10-K". www.sec.gov. July 21, 2021. Retrieved February 3, 2022.
  9. ^ a b c Confessore, Nicholas; Yourish, Karen; Eder, Steve; Protess, Ben; Haberman, Maggie; Ashford, Grace; LaForgia, Michael; Vogel, Kenneth P.; Rothfeld, Michael (October 10, 2020). "The Swamp That Trump Built". The New York Times. ISSN 0362-4331. Retrieved October 10, 2020.
  10. ^ Canaday}, Henry (March 2, 2021). "MROs Still Innovating Despite Pandemic Restraints". Aviation Week. Retrieved September 20, 2021.
  11. ^ Web Staff (March 30, 2021). "AAR Aircraft Services introduces First All-Female Class Of Technicians in Training". KCTV5. Retrieved September 9, 2021.
  12. ^ Web Staff (April 22, 2021). "Rockford's AAR facility to become United Airlines maintenance hub, 250 jobs coming". 23 WIFR. Retrieved October 14, 2021.
  13. ^ Jaroch, Walker (October 21, 2020). "AAR Corp. is celebrating its 65 anniversary by tackling the challenges facing aviation and implementing state-of-the-art technology from drone usage to augmented reality". AviationPros. Retrieved September 16, 2021.
  14. ^ Leval, Dave (September 10, 2021). "VIPER teaches veterans job skills, while aiming to help reduce suicides". KTUU, Alaska's News Source. Retrieved September 16, 2021.
  15. ^ a b "Financial Reports". AAR CORP. Retrieved March 30, 2022.
  16. ^ a b c d "Financial Reports". AAR CORP. Retrieved March 30, 2022.

External links

41°59′15″N 87°58′55″W / 41.987373°N 87.981812°W / 41.987373; -87.981812

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