AAR has reported fiscal year 2012 first quarter sales of $479.3 million and income from continuing operations of $17.0 million, or $0.41 diluted earnings per share. For the first quarter of last fiscal year, the Company reported sales of $404.4 million and income from continuing operations of $14.0 million, or $0.36 diluted earnings per share.
Sales to commercial customers increased 40 percent compared to the first quarter of last year, driven by robust demand for spare parts support and completion of the sale of two aircraft from the Company’s aircraft portfolio. The sale of the two aircraft contributed $33.3 million to revenue and is consistent with the Company’s ongoing commitment to reduce its investment in its aircraft sales and leasing portfolio. Sales growth to commercial customers was 21% excluding the sale of the two aircraft. The Company also reported year-over-year growth at its MRO facilities attributable to share gains and strength at its landing gear business.
Sales to defense customers increased 2 percent in the first quarter compared to last year. While the Company experienced sales growth at AAR Airlift and at its Defense Logistics businesses, sales were lower at its Mobility Products unit. The Company expects second quarter revenues at the Mobility Products business to increase $10.0 to $15.0 million from first quarter levels as it ramps up production on two programs.