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ATSG's Q1 profit soars 21.5pc to US$10m on revenues of $238m
AIR Transport Services Group, Inc. (ATSG) has generated first quarter net earnings of US$10 million, up 21.5 per cent year on year, on a revenue increase of 34.1 per cent to $237.9 million.
The aircraft leasing and air cargo transportation services provider achieved revenues of $48 million from its Cargo Aircraft Management (CAM) segment, representing a decrease of $7.2 million against the first quarter of 2016, primarily due to $2.6 million in non-cash amortisation associated with the Amazon (warrant) lease incentive valuation, reported American Shipper.
As of March 31, the CAM segment owned 61 Boeing cargo aircraft, 60 of which were in service, including 53 B767s. The ACMI Services segment recorded revenues of $144.9 million for the quarter, up 26.1 per cent.
Meanwhile, "other activities" at the company generated $89.2 million in revenues, a 62.2 per cent year-on-year increase.
"Forty-three of our Boeing 767s were dry leased to external customers at the end of the first quarter, compared with 29 a year earlier. Our leasing business revenues from external customers increased seven per cent for the quarter, and we expect accelerating growth in that segment as the year progresses," ATSG president Joe Hete was quoted as saying.
"That trend, plus improved profitability in our airline operations and good returns from our aircraft maintenance and logistics businesses, position us to deliver continued strong earnings and cash flow in the months ahead."
The aircraft leasing and air cargo transportation services provider achieved revenues of $48 million from its Cargo Aircraft Management (CAM) segment, representing a decrease of $7.2 million against the first quarter of 2016, primarily due to $2.6 million in non-cash amortisation associated with the Amazon (warrant) lease incentive valuation, reported American Shipper.
As of March 31, the CAM segment owned 61 Boeing cargo aircraft, 60 of which were in service, including 53 B767s. The ACMI Services segment recorded revenues of $144.9 million for the quarter, up 26.1 per cent.
Meanwhile, "other activities" at the company generated $89.2 million in revenues, a 62.2 per cent year-on-year increase.
"Forty-three of our Boeing 767s were dry leased to external customers at the end of the first quarter, compared with 29 a year earlier. Our leasing business revenues from external customers increased seven per cent for the quarter, and we expect accelerating growth in that segment as the year progresses," ATSG president Joe Hete was quoted as saying.
"That trend, plus improved profitability in our airline operations and good returns from our aircraft maintenance and logistics businesses, position us to deliver continued strong earnings and cash flow in the months ahead."
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