Air Transport Services Group (ATSG) revenues of $471 million in the third quarter of the year, down from $523 million in the same period last year.
Operating expenses totalled $449.6 million in the quarter, down from $477.1 million in the same period last year. The company reported a net loss of $3.3 million, or a diluted loss per share of $0.05, compared to a net profit $17.2 million, or a diluted earnings per share of $0.24.
“Our leasing business continued to benefit from strong demand for our freighter aircraft, as we added four Boeing 767-300 freighter leases during the third quarter,” said ATSG CEO Mike Berger. “Our third quarter results were affected by fewer block hours flown than a year ago and higher expenses, including start-up costs to fly ten more aircraft provided by Amazon.”
The company's aircraft leasing and related revenues increased 3% for the third quarter.
Berger added that the 10th aircraft from Amazon had entered operations earlier in the week.
Total assets at the end of the quarter were $3.9bn. Total liabilities and stockholders' equity totalled $3.9bn. As of the end of the quarter, cash and cash equivalents were $44.9 million. The company generated a free cash flow of $86.4 million.
On November 4, 2024, ATSG entered into a definitive agreement to be acquired by investment firm Stonepeak in an all-cash transaction with an enterprise valuation of approximately $3.1bn. Holders of ATSG common stock will receive $22.50 per share in cash. Upon completion of the transaction, ATSG’s shares will no longer trade on the Nasdaq, and ATSG will become a private company. The company cancelled its third quarter earnings call as a result and did not provide future guidance.