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AAR Gains 5% Following Earnings on Outlook for Travel Demand

·1 min read

By Sam Boughedda

Investing.com -- AAR Corp (NYSE:AIR) reported its third-quarter 2022 results on Tuesday after the close, sending its shares up 5.72% in Wednesday's session.

Revenue came in at $452 million, beating analysts' consensus of $449.74 million. Revenue was up 10% compared to the prior year.

Earnings per share followed suit, topping forecasts by 3 cents and reaching 63 cents.

"Our largest commercial customers remain optimistic about the recovering demand for business and leisure travel and we expect this momentum to continue," said John Holmes, president and CEO of AAR CORP.

Holmes continued: "We have now delivered our sixth straight quarter of adjusted operating margin expansion and our margins are exceeding pre-pandemic levels."

Furthermore, in the company's earnings call, Holmes said they expect modest sales growth sequentially in the fourth quarter.

Following the report, RBC Capital raised its price target on the stock to $56 from $50.

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