Late on Tuesday, AAR Corp. (NYSE: AIR) said that its fiscal third quarter net income fell to $20.02 million or 48 cents a share, from $20.10 million or 47 cents a share in the prior year quarter. Revenue tumbled 10.5% to $338.79 million from $376.63 million.  Analysts on average were looking for earnings of 46 cents a share on revenue of $366.26 million. Commenting on the results, David P. Storch, Chairman and Chief Executive Officer said, "We have seen a softening in demand for heavy maintenance and large ticket items, including whole engines, coming from commercial airlines that have reduced their capacity and capital outlays as they managed through the weakened economy. We remain focused on taking market share through solid execution and reducing costs where appropriate. We had a setback in our landing gear operation where we experienced a temporary shutdown. After making certain adjustments to our operating procedures to comply with requests from the FAA, we resumed operations and expect to recover sales in future periods, beginning with our fourth quarter. Shares of AAR Corp. rose 5.69% in late trading.

Design software maker Adobe Systems Inc. (NASDAQ: ADBE) reported that its fiscal first-quarter net income dropped to $156.4 million, or 30 cents a share, from $219.4 million, or 39 cents a share in the year ago quarter. Revenue declined to $786.4 million from $890.5 million. On an adjusted basis, the company earned 45 cents a share. Consensus estimates were for earnings of 44 cents a share on revenue of $784 million. The company said in a statement "We believe the major market trends driving our business remain intact, and we will continue to focus on innovation and investing in new growth businesses to increase the strategic value we provide our customers." Adobe shares were up 1.10% in extended trading.

Guess Inc. (NYSE: GES) said that its fourth-quarter net income slipped 13% to $47.9 million, or 52 cents a share, from $55.2 million, or 59 cents, in the same quarter a year ago. Revenue grew 9% to $561 million, while same-store sales slumped 6.5%. Looking ahead to the first quarter, the company expects to earn in the range of 26 cents to 30 cents a share. Analysts on average had projected earnings of 51 cents a share on revenue of $528.60 million. CEO Paul Marciano stated, "Our performance was solid during the fourth fiscal quarter of 2009, especially considering the unprecedented global economic crisis and significant currency headwinds we encountered during the period. We took quick and decisive actions to streamline our operations, reduce our inventory position and decelerate new store development.