It has been about a month since the last earnings report for AAR Corp. AIR. Shares have added about 3.7% in that time frame.Will the recent positive trend continue leading up to its next earnings release, or is AIR due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.AAR Corp Beats Q3 Earnings Estimates, Revenues LagAAR Corp. reported third-quarter fiscal 2018 adjusted earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 48 cents by 2.1%. The adjusted figure reflected a year-over-year improvement of 16.7%, when compared to 42 cents of third-quarter's fiscal 2017.Excluding one-time items, the company reported earnings of 44 cents from continuing operations in the quarter, compared with 40 cents it generated in the prior-year quarter.Total RevenuesNet sales came in at $456.3 million in the fiscal third quarter, which missed the Zacks Consensus Estimate of $479 million by 4.8%. However, revenues increased 12.% from $407.2 million in the year-ago quarter.Segment Details In the reported quarter, Aviation Services reported revenues of $426.4 million, up 11.4% year over year.Expeditionary Services garnered revenues of $29.9 million, up 22.5% from $24.4 million in the year-ago quarter.Highlights of the ReleaseIn the fiscal third quarter, AAR Corp’s cost of sales increased 11.15% year over year to $378.7 million.Selling, general and administrative expenses increased 23.9% to $53.4 million.The company incurred interest expenses of $2.2 million, compared with $1.3 million in the year-ago quarter.Financial ConditionAs of Feb 28, 2018, AAR Corp’s cash and cash equivalents were $23.9 million, up from $10.3 million as of May 31, 2017.As of Feb 28, 2018, net property, plant and equipment were $135.3 million compared with $117.2 million as of May 31, 2017.As of Feb 28, 2018, total debt increased to $196.2 million from $156.2 million as of May 31, 2017.Dividend HistoryDuring the reported quarter, the company paid dividends of $2.5 million or 7.5 cents per share.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in fresh estimates. There has been one revision higher for the current quarter.AAR Corp. Price and Consensus AAR Corp. Price and Consensus | AAR Corp. QuoteVGM ScoresAt this time, AIR has a great Growth Score of A, though it is lagging a lot on the momentum front with a D. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.Our style scores indicate that the stock is more suitable for growth investors than value investors.OutlookEstimates have been trending upward for the stock and the magnitude of this revision looks promising. Notably, AIR has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.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 AAR Corp. (AIR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research