ATSG fourth quarter net loss of $15 million

Air cargo and related services company ATSG has reported a net loss of $15 million for the fourth quarter of 2023, down from its fourth quarter net earnings of $42.6 million in 2022. The company reported fourth quarter revenues were $517 million, down from $533 million in 2022's fourth quarter. Its basic loss per share was at 24 cents, down from its 58 cents earnings per share in the same period a year prior. ""As expected, the fourth quarter saw lower demand in our leasing segment and reduced demand in our passenger airline operations,"" said ATSG CEO and chairman Joe Hete. ""Flying for the US military decreased throughout the quarter, and fewer leased Boeing 767-200 freighters in service continued to affect results at our leasing segment."" Revenue for the full year of 2023 was $2.07bn, down slightly from 2022's $2.04bn. Its full year net earnings were at $60 million, down from $198.6 million in 2022. ATSG expects an adjusted EBITDA of around $506 million in 2024, down $56 million from 2023. The decline has been attributed to its 767-200 freighters with fewer leased freighters and lower engine utilisation. Hete added: ""We have substantially reduced our capital spending plans, and now expect to generate positive cash flow in 2024."" Capital spending is projected to be $410 million for the year, down $380 million from 2023.