AAR Corp. AIR reported fourth-quarter fiscal 2021 adjusted earnings of 47 cents per share, which surpassed the Zacks Consensus Estimate of 44 cents by 6.8%. The figure reflected a year-over-year surge of 80.8% from earnings of 26 cents registered in the year-ago quarter.Excluding one-time items, the company reported earnings of 42 cents per share from continuing operations against a loss of 43 cents reported in fourth-quarter fiscal 2020.AAR Corp’s adjusted earnings for fiscal 2021 came in at $1.30 per share, in line with the Zacks Consensus Estimate.Total SalesIn the quarter under review, net sales totaled $437.6 million. The reported figure outpaced the Zacks Consensus Estimate of $421 million by 3.8% and by 5.1% from $416.5 million recorded in the year-ago quarter.The year-over-year rise in sales was due to the recovery in the commercial market from the impacts of COVID-19 and continued strong performance across its global government contracts.However, AAR Corp’s full-year sales came to $1.65 billion, down 20.1% from $2.07 billion reported in the year-ago quarter.Segment DetailsIn the fiscal fourth quarter, sales at the Aviation Services segment summed $415.4 million, up 6.5% year over year.Expeditionary Services recorded sales of $22.2 million, down 15.9% from $26.4 million in the year-ago quarter.Highlights of the ReleaseAAR Corp’s cost of sales in the reported quarter fell 3.8% year over year to $365.8 million.Selling, general and administrative expenses rose 3.2% to $48.8 million.The company incurred interest expenses of $0.9 million compared with $2.6 million in fourth-quarter fiscal 2020.AAR Corp. Price, Consensus and EPS Surprise AAR Corp. price-consensus-eps-surprise-chart | AAR Corp. QuoteFinancial ConditionAs of May 31, 2021, AAR Corp’s cash and cash equivalents amounted to $51.8 million compared with $404.7 million as of May 31, 2020.As of May 31, 2021, net property, plant and equipment expenses totaled $120 million compared with $135.7 million as of May 31, 2020.As of May 31, 2021, long-term debt decreased to $133.7 million from $600 million as of May 31, 2020.Zacks RankAAR Corp. currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming Defense ReleasesNorthrop Grumman NOC is scheduled to release its quarterly results on Jul 29.Lockheed Martin LMT is scheduled to release its quarterly results on Jul 26.Boeing BA is scheduled to release its quarterly results on Jul 28. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Boeing Company (BA): Free Stock Analysis Report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Northrop Grumman Corporation (NOC): Free Stock Analysis Report AAR Corp. (AIR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research