AAR Corp. AIR reported first-quarter fiscal 2022 adjusted earnings of 52 cents per share, which surpassed the Zacks Consensus Estimate of 49 cents by6.1%. Earnings recorded a whopping surge of 206% from the year-ago quarter.Total SalesIn the quarter under review, net sales totaled $455.1 million. The reported figure outpaced the Zacks Consensus Estimate of $438 million by 3.9% and it rose 14% from $400.8 million recorded in the year-ago quarter.AAR Corp. Price, Consensus and EPS Surprise AAR Corp. price-consensus-eps-surprise-chart | AAR Corp. QuoteSegment DetailsIn the first quarter, sales at the Aviation Services segment summed $435.6 million, up 19.8% yearoveryear. Expeditionary Services recorded sales of $19.5 million, down 47.6% from $37.2 million in the year-ago quarter.Operational UpdateThe gross profit margin in the reported quarter increased to 16.1% from 13% in the prior-year quarter. The margin expansion primarily resulted from the favorable impactsofthe company’s effort to reduce costs and increase operational efficiency. Selling, general and administrative expenses rose 8.8% to $49.3 millionin the fiscal first quarter mainly due to the restoration of temporary compensation reductions. Adjusted operating margin increased to 5.5% from 2.5% in the prior-year quarter. The company incurred interest expenses of $0.7 million in the fiscal first quarter as compared with $1.6 million in the year-ago quarter.Financial DetailsAs of Aug 31, 2021, AAR Corp’s cash and cash equivalents amounted to $48.8 million compared with$51.8 million as of May 31, 2021.AAR Corp reported long-term debt of $127.6 million as of Aug 31, 2021, down from $133.7 million as of May 31, 2021.Zacks RankAAR Corp currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other Defense ReleasesLockheed Martin Corp. LMTreported second-quarter2021 adjusted earnings of $7.13 per share, which surpassed the Zacks Consensus Estimateof $6.51 per share by 9.5%. Hexel Corporation HXL reported second-quarter 2021 adjusted earnings of 8 cents per share, which surpassed the Zacks Consensus Estimate of a penny. General Dynamic Corporation GD reported second-quarter 2021 earnings from continuing operations of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.52 per share by 3.6%. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>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 Lockheed Martin Corporation (LMT): Free Stock Analysis Report General Dynamics Corporation (GD): Free Stock Analysis Report AAR Corp. (AIR): Free Stock Analysis Report Hexcel Corporation (HXL): Free Stock Analysis Report To read this article on Zacks.com click here.