*Third quarter net revenue of $25.3 billion *Third quarter non-GAAP diluted net earnings per share of $0.88, versus the previously provided outlook of $0.83 to $0.87 per share *Third quarter GAAP diluted net earnings per share of $0.47, versus the previously provided outlook of $0.50 to $0.54 per share *Third quarter cash flow from operations of $1.7 billion *Returned $670 million to shareholders in the form of share repurchases and dividends in the third quarter
Hearst’s CAMP Systems International has agreed to acquire Inventory Locator Service (ILS) from Boeing, the world’s largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. Founded in 1979, ILS provides the largest electronic marketplace for the aviation industry to buy and sell parts, equipment, and services, and offers manufacturers and parts suppliers ways to improve inventory planning and processing.
The announcement was made by CAMP President and CEO Vibby Gottemukkala. Pending regulatory approval, ILS, headquartered in Memphis, Tennessee, will become part of CAMP. Terms of the transaction were not disclosed.
CAMP is the premier aircraft health management and enterprise information systems provider in business aviation and provides maintenance tracking services for nearly 20,000 aircraft and engine health monitoring for over 30,000 engines. Its software solutions support over 1,500 service center and maintenance, repair and overhaul (MRO) organizations.
Commenting on the acquisition, Gottemukkala said: “We are proud to partner with Inventory Locator Service and its team. ILS has built a reputation for operating a leading parts marketplace for over 40 years, serving a large and diverse customer base in the industry and represents a natural expansion of our business and platform. As the aerospace industry evolves, we see opportunities for CAMP and ILS to provide a greater level of service to our customers as well as reaching new customers in the industry.”
Strategically, Hearst continues to diversify into data and information-based companies while growing its world-class media assets. Hearst acquired CAMP in 2016 as part of this strategy.