NEW YORK (TheStreet) -- Shares of AAR Corp (AIR) - Get Report are plunging, down 9.61% to $25.31 on heavy trading volume, after the aviation services company reported first quarter earnings late yesterday of 36 cents per share, down from the 45 cents per share one year ago, and lower than the analysts' estimate of 38 cents per share.

Revenue fell 8.8% from a year ago to $469.2 million, falling short of the consensus estimate of $489.53 million for the quarter.

AAR lowered its fiscal year 2014 earnings guidance to between $1.65-$1.75 per share, from its prior earnings range of $1.80-$1.90 per share, and falling below the consensus estimate of $1.87 per share.

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The company now expects revenue of $2 billion to $2.05 billion for the year, down from its previous range of $2.1 billion to $2.15 billion.

AIR data by YCharts

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