ATSG quarterly net profit up 17pc to US$23.3 million as sales fall 7pc
2012 03 09
- Details
NASDAQ listed Air Transport Services Group (ATSG) posted a 14 per cent increase in fourth quarter net profit year on year to $13.5 million, drawn on revenues of $166.5 million, down seven per cent.
Full year revenues in 2011 increased nine per cent to $730.1 million, including $160.7 million in reimbursements for fuel and related expenses. Revenues derived from German forwarder DB Schenker were 15 per cent of total sales.
"Results from nine additional 767 freighters in service in the fourth quarter of 2011 helped offset the effect of the wind-down of our business with DB Schenker," said CEO Joe Hete.
"Some of that cargo volume shifted to the freighters we operate for DHL, allowing us to retire the majority of our older 727 and DC-8 aircraft and to start to restructure our airline operations," he said.
"We purchased two more 767-300 aircraft in February 2012 for deployment later this year, recognising their advantages and appeal to major air cargo network operators. This aircraft type continues to offer lower capital risk and attractive after-tax cash returns due to our passenger-to-freighter conversion strategy," he said
Looking ahead, Mr Hete said the company would devote greater resources to growing its wet lease or aircraft, crew, maintenance and insurance (ACMI) services in the first quarter.
"As a result, our first quarter 2012 financial results are expected to be below first-quarter 2011 levels. After the first quarter, we expect to grow toward a range of $190 to $200 million in adjusted EBITDA for the year, including the effect of increased pension expense and increases in engine maintenance costs," Mr Hete said.
"Our 2012 results will benefit from a full year of gains from the owned and leased aircraft which entered service during 2011, as well as owned and leased aircraft which we plan to add during 2012," he said.
Source Shipping Gazette - Daily Shipping News
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