AAR_Corp.
AAR Corp
Aviation support company
AAR Corp. is an American provider of aircraft maintenance services to commercial and government customers worldwide. The company is headquartered in Wood Dale, Illinois, a Chicago suburb. The company employs 5,000 people worldwide.
| Company type | Public |
|---|---|
| Industry | Aviation |
| Founded | 1951; 73 years ago (1951) |
| Founder | Ira Allen Eichner |
| Headquarters | , United States |
Area served | Worldwide |
Key people | John Holmes (president & CEO) |
| Revenue |  US$1.99 billion (2023) |
| US$90.2 million (2023) | |
| Total assets | US$1.1 billion (2023) |
| Total equity | US$1.1 billion (2023) |
Number of employees | 5,000 (2023) |
| Website | aarcorp |
| Footnotes / references Financials as of May 31, 2023[update]. References:[1] | |
As of May 2023[update], the company operates major maintenance facilities in Indianapolis, Miami, Oklahoma City, Rockford, Illinois, Trois Rivieres, Quebec and Windsor, Ontario.[1]
The company was founded by Ira Allen Eichner in 1951, to supply radios and other equipment to the commercial aviation industry.[2] I.A. Allen Industrial was incorporated in 1955, renamed Allen Aircraft Radio (AAR) in 1962, and became AAR CORP. in 1970.[2] The company was founded by 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.[3]
AAR organized its Aircraft Turbine Center, Inc. in 1979 after future CEO David P. Storch, Eichner's son-in-law, joined the company.[2]
David P. Storch was CEO from 1996 to 2018. In 2018, John M. Holmes became CEO.[4]
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.[5]
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.[6]
During the Trump administration, AAR quadrupled its lobbying expenditures.[7] The company spent large sums at Trump-owned properties with the intent to get Trump to view the company more favorably.[7] From the time Trump took office until October 2020, AAR obtained 10 new federal contracts worth a total of $1.35 billion.[7]
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.[8]
Annual financial highlights (U.S. Dollars in millions except per share data):
| For the year ending May 31 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|
| Operating performance | ||||||||
| Net sales | 1,990.5 | 1,820.0 | 1,652.3 | 2,072.0 | 2,057.8 | 1,748.3 | 1,590.8 | 1,525.4 |
| Operating income | 133.9 | 106.9 | 85.2 | 41.3 | 98.3 | 86.0 | 82.3 | 75.5 |
| Diluted earnings per share from continuing operations | 2.55 | 2.19 | 1.31 | 0.71 | 2.40 | 2.11 | 1.51 | 1.30 |
| Financial position | ||||||||
| Working capital | 746.4 | 600.2 | 1,055.6 | 595.5 | 609.4 | 553.4 | 540.3 | |
| Total assets | 1,097.9 | 1,007.2 | 1,539.7 | 2,079.0 | 1,517.2 | 1,524.7 | 1,504.1 | 1,456.0 |
| Total debt | 382.5 | 191.2 | 135.2 | 602.0 | 142.9 | 178.9 | 156.2 | 145.3 |
| Stockholders' equity | 1,099.1 | 1,034.5 | 974.4 | 902.6 | 905.9 | 914.2 | 865.8 | 865.8 |
| Sources | [1] | [1] | [9] | [9] | [10] | [10] | [10] | [10] |
- "2023 Form 10-K". U.S. Securities and Exchange Commission. July 18, 2023. Retrieved February 14, 2024.
- "AAR Corp. History". Funding Universe. January 17, 2018. Archived from the original on January 17, 2018. Retrieved April 29, 2022.
- "History Of AAR – 60th Anniversary". Aviation Week Network. Retrieved March 24, 2021.
- AAR. "AAR CEO David P. Storch Announces Plans to Retire". www.prnewswire.com (Press release). Retrieved December 24, 2021.
- "USAF awards $909m landing gear support contract to AAR". Airforce Technology. March 28, 2017. Retrieved September 20, 2021.
- "SEC Form 10-K". www.sec.gov. July 21, 2021. Retrieved February 3, 2022.
- 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.
- Web Staff (April 22, 2021). "Rockford's AAR facility to become United Airlines maintenance hub, 250 jobs coming". 23 WIFR. Retrieved October 14, 2021.
- "Financial Reports". AAR CORP. Retrieved March 30, 2022.
- "Financial Reports". AAR CORP. Retrieved March 30, 2022.
- Official website
- Business data for AAR Corp:
