Air Transport Services Group (ATSG) extended its strong earnings growth in the first quarter (Q1) of this year with revenues up 11 per cent.
The provider of medium widebody aircraft leasing, air cargo transportation and related services reported its financial results for the quarter ending 31 March, 2018.
Revenues were $203 million, up 11 per cent on Q1 2018 and excluding $54.4 million in 1Q 2017 reimbursable expenses. GAAP earnings from continuing operations reached $15.7 million. Adjusted earnings (non-GAAP) from continuing operations were $23.9 million.
Adjusted rarnings from continuing operations in 2018 exclude the net effects of warrants issued to Amazon.com Services, and a share of development costs for ATSG’s Airbus A321 freighter conversion venture.
ATSG president and chief executive officer, Joe Hete said, “Continued earnings improvement from our airline businesses and the reduction in the federal tax rate drove a more than doubling of our first quarter adjusted earnings from continuing operations compared to last year.
“The outstanding efforts of our employees, and strong customer demand for our growing portfolio of freighter aircraft, point to further success during 2018.”