ATSG reports 34% increase in 1Q 2017 revenue

Air Transport Services Group, Inc. (Nasdaq: ATSG), a provider of medium wide-body aircraft leasing, air cargo transportation, and related services, has reported consolidated financial results for the quarter ended March 31, 2017, the company said.

Compared with amounts for the first quarter of 2016 (except as noted), revenues increased 34% to USD 237.9m. Excluding revenues from reimbursable airline expenses, revenues increased 23%. Revenues from ATSG´s airline, maintenance, and logistics businesses increased significantly.

Earnings from Continuing Operations were USD 9.8m, or USD 0.13 per share diluted, compared with USD 8.2m, or USD 0.13 per diluted share a year earlier.

Adjusted Earnings from Continuing Operations, which exclude non-cash warrant-related adjustments, were USD 11.2m, or USD 0.17 per diluted share, up 33%.

Pre-tax earnings from continuing operations were USD 16.1m, up 33%. Adjusted Pre-tax Earnings, which exclude the warrant effects along with additional non-cash items, increased 6% to USD 17.0m.

Adjusted EBITDA increased 11% to USD 57m.

Capital expenditures were USD 83.8m, up 17%. Share repurchases were USD 1.5m, or 90 thousand ATSG shares for the quarter.

ATSG provides aircraft leasing and air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements.