Air Transport Services Group lowers profit forecast by US$10 million

OHIO's Air Transport Services Group (ATSG) has announced an operating profit projection of US$160 million down from its summer forecast of $170 million.

Nasdaq-listed ATSG said delays to aircraft deployment have continued beyond projections made in August putting pressure on final quarter results.

The 2012 results will not impact future earnings and cash flow generation, said CEO Joe Hete as reported by the Cincinnati Business Journal.

"With reduced growth capital expenditure commitments for 2013, and the benefit of our significant investment in our fleet becoming more evident, we expect to reap substantial earnings in 2013," he said.

In the nine-month period ending September 30, the Wilmington-based aircraft leasing company posted a pre-tax profit of $3.4 million, down eight per cent from the year-earlier quarter but up from the second quarter attributed to a "soft air freight market".