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New words:
accurate, AerAwareTM, Boeing, carrying, damaged, decline, disruption, exceed, exceeded, fire, greater, lead, lender, passage, prove, qualitative, reclassification, reclassified, repaid, sensitive, stockholder, substantial, teardown, test, transparency, twelve, unconditional
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active, Aid, American, assistance, ceased, circumstance, collect, conflict, continuation, contractually, conversion, country, difficult, economy, effect, employment, enable, enacted, European, exclusively, exercise, export, February, fourth, freighter, furloughed, headcount, imposition, initiated, invaded, involuntary, issue, Kingdom, lapsed, living, notice, occurred, October, pay, prohibit, prohibiting, pursuing, recall, recent, recover, recovering, referenced, relief, repurchase, requirement, Rescue, reviewed, Russia, Russian, scheduled, security, significance, situation, state, successfully, supply, swingline, Switzerland, Ukraine, Union, unrecovered
Financial report summary
?Management Discussion
- Total revenue for the three months ended March 31, 2024 increased $12.3 million or 15.7% compared to 2023, driven by a increase of $10.8 million, or 22.4%, within Asset Management Solutions, and a increase of $1.4 million, or 4.8%, within TechOps.
- Sales in the Asset Management Solutions segment increased $10.8 million or 22.4%, to $59.3 million for the three months ended March 31, 2024, due to a $19.4 million, or 82.4%, increase in revenue from Engines, partially offset by a $8.6 million, or 34.4%, decrease in revenue from Aircraft. The increase in Engines revenue is due to higher Flight Equipment sales in the amount of $16.7 million primarily attributable to greater activity in the CFM56 and V2500 product lines and higher USM sales in the amount of $2.9 million, partly offset by lower leasing revenue in the amount of $0.6 million. The decrease in Aircraft revenue is primarily attributable to reduced activity in the B757 product line as a result of lower Flight Equipment sales in the amount of $5.7 million, as well as lower leasing activity of the B737 product line in the amount of $1.9 million.
- Cost of sales in Asset Management Solutions increased $6.2 million or 20.5%, to $36.6 million for the three months ended March 31, 2024, compared to the prior year period. The increase in cost of sales was primarily driven by the sales increases discussed above. Gross profit in the Asset Management Solutions segment increased $4.6 million to $22.7 million, or 25.4%, for the three months ended March 31, 2024, compared to the three months ended March 31, 2023. The gross profit increase is mainly attributable to higher revenue generated for the three months ended March 31, 2024, as noted above.