Core Viewpoint - Air T, Inc. reported a narrower loss per share of $2.42 for fiscal 2024 compared to $4.32 in fiscal 2023, indicating improved financial performance despite ongoing challenges [1][9]. Revenue Summary - Total revenues for Air T reached $286.8 million in fiscal 2024, reflecting a 15.9% increase from fiscal 2023 [2]. - The Overnight Air Cargo segment generated revenues of $115.5 million, up 27.6% year-over-year, driven by higher labor revenues, admin fees, and FedEx passthrough revenues due to an expanded fleet [3]. - Ground Equipment Sales revenues decreased to $37.2 million, down 23.3% from the previous year, primarily due to fewer deicing trucks sold [4]. - The Commercial Jet Engines and Parts segment saw revenues rise to $125.5 million, a 23.4% increase, attributed to higher component part sales and pass-through revenues [4]. - The Corporate and Other segment reported revenues of $8.6 million, up 30.9%, due to increased software subscriptions [5]. Operating Expenses Analysis - Operating costs for the Overnight Air Cargo segment were $97.7 million, up 22.5% from fiscal 2023 [6]. - Ground Equipment Sales costs decreased to $31.8 million, down 19.1%, while Commercial Jet Engines and Parts costs increased to $98 million, up 30.2% [6]. - General and administrative expenses rose by 19.3% to $51.1 million [6]. Profitability Insights - Consolidated operating income for fiscal 2024 was $1.3 million, a significant improvement from a loss of $4.4 million in fiscal 2023 [7]. - The Overnight Air Cargo segment's operating income increased to $6.8 million, up 67.2% year-over-year [7]. - The Commercial Jet Engines and Parts segment reported an operating income of $4.2 million, recovering from a loss of $0.9 million in the prior year [8]. - The Corporate and Other segment's operating loss narrowed to $8.1 million from $10.6 million in fiscal 2023 [8]. - Adjusted EBITDA for fiscal 2024 was $5.6 million, down 6.8% from the previous year [8]. Liquidity and Debt Management - Air T ended fiscal 2024 with cash and cash equivalents of $7.1 million, up from $5.8 million at the end of fiscal 2023 [10]. - Total debt decreased to $112.9 million from $125.1 million year-over-year [10]. - Cumulative net cash provided by operating activities was $17.2 million, slightly up from $16.9 million in the previous year [10]. Management Commentary - Management highlighted strong performances across most segments and noted the initiation of customer-centric services in the GGS segment despite a slowdown in global deicer sales [11]. - The expansion of Contrail and the strategic capabilities of Stratus were also emphasized as positive developments for future growth [11]. - However, the continued loss per share and the decline in GGS revenues were noted as areas of concern [11].
Air T's (AIRT) Fiscal 2024 Earnings, Revenues Improve Y/Y