Air Transport Services (ATSG) Q4 Earnings Miss, Down Y/Y

ATSG Performance Summary - Air Transport Services Group, Inc. (ATSG) reported disappointing fourth-quarter 2023 results with earnings per share (EPS) of 18 cents, missing the Zacks Consensus Estimate of 29 cents and declining 66% year over year [1] - Revenues for ATSG were $517 million, which also lagged behind the Zacks Consensus Estimate of $521 million, representing a 3% year-over-year decline [1] - Total operating expenses increased by 4.3% to $480.4 million [1] - Adjusted EBITDA fell 20% year over year to $129.9 million, while operating cash flow rose to $127.98 million from $74.05 million a year ago [1] - Adjusted free cash flow for the fourth quarter was $66.98 million, compared to $32.61 million in the prior year [1] 2024 Outlook - ATSG expects adjusted EPS to be in the range of 55-80 cents for 2024 and anticipates adjusted EBITDA of almost $506 million [2] - Capital spending for 2024 is projected to be $410 million [2] - ATSG currently holds a Zacks Rank 4 (Sell) [2] Performance of Other Transportation Companies - J.B. Hunt Transport Services, Inc. (JBHT) reported fourth-quarter 2023 EPS of $1.47, missing the Zacks Consensus Estimate of $1.74 and declining 23.4% year over year [3] - JBHT's total operating revenues were $3,303.70 million, surpassing the Zacks Consensus Estimate of $3,236.2 million but fell 9.5% year over year [3] - Delta Air Lines (DAL) reported fourth-quarter 2023 EPS of $1.28, beating the Zacks Consensus Estimate of $1.17, although earnings declined 13.51% year over year due to high labor costs [3] - DAL's revenues were $14,223 million, exceeding the Zacks Consensus Estimate of $14,069.5 million and increasing 5.87% year over year [3] - United Airlines Holdings, Inc. (UAL) reported fourth-quarter 2023 EPS of $2.00, surpassing the Zacks Consensus Estimate of $1.61 but declining 18.7% year over year [4] - UAL's operating revenues were $13,626 million, beating the Zacks Consensus Estimate of $13,546.8 million and increasing 9.9% year over year due to strong air-travel demand [4]