Nasdaq-listed Air Transport Services Group (ATSG) reported a 24 percent increase in revenue to $510 million for the second quarter of 2022 on continued strength in freighter leasing.
Earnings, however, dropped 33 percent to $54 million from $80 million in Q22021 “that included $38 million pretax in government grants representing pandemic relief for ATSG’s passenger airline and $30 million in incremental pretax gains primarily related to warrant revaluations,” says an official release.
Adjusted EBITDA was up 23 percent at $158 million, and operating cash flow came in at $125 million compared to $183 million in Q22021, the release added.
“Leasing converted midsize freighter aircraft and flying them in express-package networks remained a powerful and resilient driver of our strong cash flow in the second quarter,” says Rich Corrado, president and chief executive officer, ATSG. “CAM, our aircraft lessor, again fueled our adjusted earnings momentum with nine more Boeing 767 freighters leased to third-party customers than a year ago. Our cargo airlines continue to fly more hours using both freighters that CAM owns plus others that customers have assigned to them. Inflation-driven increases in employee costs, contracted labour, crew travel and other costs are affecting our ACMI services results, and we are taking steps to mitigate the impact where we can.”
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