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Exhibit 99.1 AAR REPORTS FIRST QUARTER 2022 RESULTS • First quarter sales of $ 455 million , up 14 % over the prior year • • First quarter GAAP diluted earnings per share from continuing operations of $ 0.31 compared to a loss per share of $ ( 0.40 ) in Q1 FY2021 • Adjusted diluted earnings per share from continuing operations of $ 0.52 , up 206 % from $ 0.17 in Q1 FY2021 • First quarter cash flow from operating activities from continuing operations of $ 18 million WOOD DALE , ILLINOIS ( September 23 , 2021 ) - AAR CORP . ( NYSE : AIR ) today reported first quarter Fiscal Year 2022 consolidated sales of $ 455.1 million and income from continuing operations of $ 11.2 million , or $ 0.31 per diluted share . For the first quarter of the prior year , the Company reported sales of $ 400.8 million and loss from continuing operations of $ 13.9 million , or $ 0.40 per diluted share . Our adjusted diluted earnings per share from continuing operations in the first quarter of Fiscal Year 2022 were $ 0.52 compared to $ 0.17 in the first quarter of the prior year . Current quarter results included net pretax adjustments of $ 9.9 million , or $ 0.21 per share , primarily due to a previously disclosed customer contract termination and related asset impairment charges . Consolidated first quarter sales increased 14 % over the prior year quarter . Our consolidated sales to commercial customers increased 53 % over the prior year quarter primarily due to the recovery in the commercial market from the impact of COVID - 19 . Our consolidated sales to government customers decreased 17 % primarily related to timing as the prior year quarter included significant activity across both our U.S. Marine Corps C - 40 and U.S. Air Force pallet contracts . On a sequential basis , consolidated first quarter sales increased 4 % over the fourth quarter . Our consolidated sales to commercial customers increased 17 % over the fourth quarter while consolidated sales to government customers decreased 10 % .