Air Transport Services Group (ATSG) beats earnings but misses revenue estimates, positive.

From Nasdaq.: 2024-08-09 07:38:00

Air Transport Services Group (ATSG) reported second-quarter 2024 earnings of 19 cents per share, beating estimates but dropping 66.7% year over year. Revenues of $488.4 million missed estimates and fell 7.7% YoY. The company’s total fleet included 134 aircraft at the end of the quarter, with operating expenses decreasing marginally to $457.1 million. Adjusted EBITDA fell 17% YoY to $130.4 million.

ATSG raised its 2024 adjusted EBITDA outlook to nearly $526 million due to anticipated flying opportunities from Amazon-supplied aircraft. Third-quarter Adjusted EBITDA is expected to be similar to Q2 as ramp-up costs continue. The company expects to end 2024 with a fleet size of 139 aircraft. ATSG is currently ranked #4 (Sell) by Zacks.

In comparison, Delta Air Lines and United Airlines reported mixed results for the second quarter of 2024. Delta’s earnings missed estimates while United’s exceeded them, with revenues increasing for both companies. J.B. Hunt Transport Services also reported a decline in earnings and revenues for the same period, missing estimates. Operating revenues for all companies saw varying year-over-year changes.



Read more at Nasdaq.: Air Transport (ATSG) Q2 Earnings Beat Estimates & Revenues Lag