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Air Transport (ATSG) Q1 Earnings & Revenues Beat Estimates
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Air Transport Services Group’s (ATSG - Free Report) 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’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.
Q1 Performances of Some Other Transportation Companies
Delta Air Lines (DAL - Free Report) 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 - Free Report) 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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Air Transport (ATSG) Q1 Earnings & Revenues Beat Estimates
Air Transport Services Group’s (ATSG - Free Report) 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 - Free Report) 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 - Free Report) 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.