Air Transport Services (US:ATSG) ZACKS·2024-08-09 12:41Company Performance - Air Transport Services Group (ATSG) reported second-quarter 2024 earnings of 19 cents per share, exceeding the Zacks Consensus Estimate of 16 cents but down 66.7% year over year [1] - Customer revenues were $488.4 million, missing the Zacks Consensus Estimate of $512.3 million and declining 7.7% year over year [1] - Adjusted EBITDA fell 17% year over year to $130.4 million, while operating cash flow decreased to $137.1 million from $192.2 million a year ago [2] Revenue Breakdown - Revenues from ACMI Services decreased 7.7% year over year to $338.2 million [1] - Revenues from Cargo Aircraft Management (CAM) and other operations declined 6.2% to $104.5 million and 11.9% to $97.64 million, respectively [1] - Total operating expenses slightly decreased to $457.1 million [1] Fleet and Outlook - ATSG's total fleet in service included 134 aircraft at the end of Q2 2024, up from 125 a year ago [1] - The company raised its adjusted EBITDA outlook for 2024 to almost $526 million, up from $516 million, due to anticipated flying opportunities from 10 Amazon-provided 767-300s [3] - Capital spending for the current year is projected to be $390 million, with an expected fleet size of 139 aircraft by the end of 2024 [3] Industry Context - Delta Air Lines reported second-quarter 2024 earnings of $2.36 per share, missing estimates but revenues of $16.7 billion surpassed expectations, increasing 7% year over year [5] - United Airlines reported earnings of $4.14 per share, exceeding estimates, but the bottom line decreased 17.69% year over year [5] - J.B. Hunt Transport Services reported earnings of $1.32 per share, missing estimates, with total operating revenues of $2.93 billion, down 6.5% year over year [6]