Freighter aircraft lessor Air Transport Services Group (ATSG) has reported consolidated financial results for the second quarter of 2024.
The company saw year-on-year Q2 revenue losses of US$41mn after generating $488mn compared to $529mn in the second quarter of 2023.
Meanwhile, ATSG reported GAAP earnings per share (diluted) from continuing operations of $0.11, versus $0.49 and GAAP pretax earnings from Continuing Operations of $10.7mn compared to $49.7mn year-on-year.
Adjusted pretax earnings took a hit at $17.3mn, versus $57.9mn in Q2 2023 and adjusted earnings per share also took a dive at $0.19, versus $0.50 in the same period the year before.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) were reported at $130.4mn, compared to $157.1mn in Q2 2023.
Free cash flow was recorded as $91.8mn, versus negative $1.3mn.
Mike Berger, CEO of ATSG, said: “Our second quarter results were affected by fewer block hours by our airlines and the scheduled return of Boeing B767-200 freighters since a year ago.
“We beat our internal expectations for the quarter, however, and are positioned for further improvement in the second half of the year, particularly in the fourth quarter.
“We’re encouraged by the free cash flow we’re generating and have again raised our full year guidance for adjusted EBITDA.
“We have leased four aircraft to customers since the end of June and are encouraged by the momentum we’re seeing in the global markets we serve.”
He added that ATSG remains “proud of the service levels we deliver every day and are particularly pleased that we met commitments to our customer Amazon during this year’s Prime Week”.
This week, ATSG announced its subsidiary Cargo Aircraft Management leased a Boeing B767-300 converted freighter to New York-based SLG Worldwide, who will sublease the aircraft to Euroavia Airlines, a cargo airline headquartered in Larnaca, Cyprus.
Berger welcomed the agreement, boasting that “ATSG continues to develop and evolve global freighter capacity around the globe.”
