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Exhibit 99.1 AAR REPORTS SECOND QUARTER FISCAL YEAR 2022 RESULTS Second quarter sales of $ 437 million , up 8 % over the prior year Second quarter GAAP diluted earnings per share from continuing operations of $ 0.58 compared to $ 0.41 in Q2 FY2021 Adjusted diluted earnings per share from continuing operations of $ 0.53 , up 71 % from $ 0.31 in Q2 FY2021 Second quarter cash flow from operating activities from continuing operations of $ 16 million Announced $ 150 million share repurchase program WOOD DALE , ILLINOIS ( December 21 , 2021 ) — AAR CORP . ( NYSE : AIR ) today reported second quarter Fiscal Year 2022 consolidated sales of $ 436.6 million and income from continuing operations of $ 20.8 million , or $ 0.58 per diluted share . For the second quarter of the prior year , the Company reported sales of $ 403.6 million and income from continuing operations of $ 14.4 million , or $ 0.41 per diluted share . Our adjusted diluted earnings per share from continuing operations in the second quarter of Fiscal Year 2022 were $ 0.53 compared to $ 0.31 in the second quarter of the prior year . Consolidated second quarter sales increased 8 % over the prior year quarter . Our consolidated sales to commercial customers increased 33 % over the prior year quarter due to the recovery in the commercial market from the impact of COVID - 19 . Our consolidated sales to government customers decreased 15 % primarily related to the level of program activity for the modification and sale of two C - 40 aircraft to the U.S. Marine Corps in the prior year quarter . Sales to commercial customers were 59 % of consolidated sales compared to 48 % in the prior year's quarter primarily reflecting the recovery in the commercial market from the impact of COVID - 19 . Gross profit margins increased from 17.2 % in the prior year quarter to 18.0 % in the current quarter and adjusted gross profit margin increased from 13.9 % to 16.7 % , primarily due to the favorable impact from our actions to reduce costs and increase our operating efficiency . 1