On a consolidated basis, revenues increased 21.3% to $499.1 mln, driven by an approximate 11.7% increase in ASG revenues and an approximate 74.0% increase in ESG revenues.
For the three months that ended on April 30, 2018, the company's ASG segment generated revenues of $388.1 mln, an increase of approximately 11.7% compared to the same period in the prior year, driven by approximately 5.9% organic revenue growth.
On a channel basis, aftermarket organic revenue growth of 6.6% was particularly strong, driven by a substantial increase in aircraft maintenance activity among MROs, repair shops, and airlines in the Americas, Asia, and Europe.
Revenues from its OEM channel increased 5.4% on an organic basis, driven by an increase in activity from commercial aerospace manufacturing customers and initial revenues from the ramp-up of new programs.
2018 is off to a strong start as both consolidated revenues and operating earnings increased strongly in the first quarter as compared to the same period in the prior year.
The company's ASG segment delivered solid year/year revenue growth, driven by an approximate double-digit percentage increase in both commercial aerospace manufacturing and aftermarket revenues, while its ESG segment continued to generate strong revenue growth and margin expansion on both a year/year and sequential quarterly basis.
However, looking ahead, as a result of the pending sale of the Aerospace Solutions Group to Boeing (BA), the company will no longer be providing ASG segment level guidance.
2018 revenues are expected to increase by approximately 55% to approximately $500 mln. Meanwhile, adjusted operating earnings are expected to increase approximately $84 mln to approximately $65 mln and adjusted EBITDA is expected to increase approximately 300% to approximately $110 mln, or 22% of revenues. Lastly, the company expects continued strong organic growth in revenues and earnings in 2019.