Yahoo Finance Air Transport (ATSG) Q1 Earnings & Revenues Beat Estimates
Air Transport Services Group’s ATSG first-quarter 2024 earnings (excluding 3 cents from non-recurring items) of 16 cents per share surpassed the Zacks Consensus Estimate of 13 cents but plunged 55.6% year over year. Customer revenues (derived after eliminating internal revenues from total revenues) of $485.5 million edged past the Zacks Consensus Estimate of $484.2 million but fell 3.1% year over year.
ATSG primarily operates through the following reporting segments, namely Cargo Aircraft Management or CAM and ACMI (aircraft, crew, maintenance & insurance) Services. Revenues from ACMI Services decreased 3.1% year over year to $323.8 million. Revenues from CAM and other operations declined 5.8% and 1.9% to $105.5 million and $109 million, respectively.
Air Transport Services Group, Inc Price, Consensus and EPS Surprise
Air Transport Services Group, Inc price-consensus-eps-surprise-chart | Air Transport Services Group, Inc Quote
Air Transport’s total fleet in service included 133 aircraft (19 passengers and 114 freighters) at the end of first-quarter 2024 compared with 129 a year ago. Total operating expenses decreased marginally to $452.5 million.
Adjusted EBITDA fell 7.7% year over year to $127.3 million. Operating cash flow declined to $126.4 million from $216.4 million a year ago. Adjusted free cash flow was $96 million compared with $162.1 million in the prior year.
2024 Adjusted EBITDA Outlook Improves
ATSG now anticipates adjusted EBITDA of almost $516 million (earlier outlook was $506 million). The improved outlook for adjusted EBITDA is owing to the anticipation of more flying opportunities from 10 Amazon-provided 767-300s).
Adjusted earnings per share is still expected in the range of 55-80 cents for 2024. The mid-point of the guided range is below the Zacks Consensus Estimate of 73 cents. Capital spending is still projected to be $410 million.
Currently, ATSG carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q1 Performances of Some Other Transportation Companies
Delta Air Lines DAL reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year. Delta expects adjusted earnings of $2.20-$2.50 per share for second-quarter 2024.
CSX Corporation's CSX first-quarter 2024 earnings per share of 46 cents beat the Zacks Consensus Estimate by a penny. However, the bottom line declined 4% year over year.
Total revenues of $3.68 billion surpassed the Zacks Consensus Estimate of $3.65 billion. The top line decreased 1% year over year due to a lower fuel surcharge, a decline in other revenues, lower trucking revenues and reduced export coal prices.
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