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Air Transport Services Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenues to $471.3 million from $523.1 million in the same quarter the previous year, primarily due to reduced operations in contracted passenger flight services and delivery networks.
Pre-tax earnings from continuing operations were a loss of $5.2 million, compared to earnings of $23.5 million in the previous year. This decline was attributed to lower revenues from Boeing (BA-1.85%) 767-200 aircraft leases and related engine power programs.
The company recorded a net loss of $3.3 million for the quarter, down from a net income of $17.2 million in the previous year. The decrease was impacted by increased depreciation and interest expenses.
CAM's revenues from external customers were $85.6 million, slightly up from $83.9 million the previous year. However, CAM's pre-tax earnings decreased to $18.3 million from $23.3 million due to higher depreciation and internally allocated interest expenses.
ACMI Services reported a decrease in revenues to $322.0 million from $365.2 million, with pre-tax losses of $14.4 million compared to earnings of $12.4 million in the previous year. The decline was due to reduced flying hours and increased operating costs.
The filing also discusses a pending merger agreement with Stonepeak Nile Parent LLC, which, if completed, will result in ATSG becoming a privately held company. The merger is subject to customary closing conditions, including stockholder approval.
The company reported cash flows from operating activities of $399.1 million, down from $526.1 million the previous year, due to lower operating results and higher interest payments.
Capital expenditures for the quarter were $221.0 million, primarily for aircraft acquisitions and modifications, compared to $581.3 million in the previous year.
ATSG expects to continue generating significant cash flows from operations to fund fleet expansion and meet its commitments, supported by its credit facilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Air Transport Services Group Inc quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.