AAR Corp (NYSE:AIR) warned that results for its quarter ending August 31 will be below expectations, sending shares almost 8% lower. The company said economic pressure and tight credit markets led to lower sales, and the company also shouldered start-up costs during the quarter associated with AAR Global Solutions, a new government contracting joint venture. Earnings are expected to be between 23 and 27 cents per share.
GOL Linhas Aereas Inteligentes (GOL), a low-fare airline in Latin America, announced it filed a registration statement for a proposed offering that would raise between 550 and 650 million Brazilian Reais. The company said it intends to use the proceeds for general corporate purposes and to strengthen its balance sheet. Shares were down about 6% in early trading Tuesday.
Radiosurgery company Accuray (NASDAQ:ARAY) announced quarterly earnings of 2 cents per share, which compares to break-even results in the same quarter last year. Revenue increased 15% year over year to just under 59 million dollars. Looking ahead, Accuray said it expects revenue for the current quarter to be low, in the range of 40 to 50 million. Shares fell over 12% Tuesday morning.
And shares of American Capital Ltd (ACAS) continued a two-day slide, down another 6 and a half percent Tuesday morning, after Standard and Poors announced Friday after the bell that it was lowering its credit rating on the company from BB- down to B- with a negative outlook. S&P analysts cited the accelerated deterioration in earnings and increased leverage, and the weakening performance of its portfolio companies. S&P also noted the uncertainty in negotiations with lenders over its debt default, and the potential departure of key personnel due to the company's uncertain future.
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