AAR Corp. (NYSE:AIR) Q4 2019 Earnings Conference Call Transcript
Jul 10, 2019 • 04:45 pm ET
John M. Holmes
year. Our estimate for SG&A as a percentage of sales reflected -- reflects anticipated investments to support the growth of our business, including sales, quality, compliance and IT resources. Regarding the effective tax rate, we want to note that last year's effective tax rate adjusted for one-time items in Q3 and Q4 was 18.5%, which compares to an anticipated tax rate of 24% for FY '20.
Overall, we are very excited as we enter FY '20. Our markets are strong, we have a robust pipeline of opportunities and we have significant liquidity to fund our growth. We look forward to discussing all of this in more detail at our Investor Day next week in New York on July 17.
At this point, I'll turn it back over to the operator for questions.