We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Air Transport Services (ATSG) Q3 Earnings Miss, Decrease Y/Y
Read MoreHide Full Article
Air Transport Services Group, Inc. third-quarter 2023 quarterly earnings per share (EPS) (excluding 8 cents from non-recurring items) of 32 cents missed the Zacks Consensus Estimate of 49 cents and declined 46.7% year over year. Revenues of $523.1 million surpassed the Zacks Consensus Estimate of $522.7 million and rose 1.2% year over year.
Air Transport Services’ total fleet in service included 130 aircraft (18 passengers and 112 freighters) at the end of third-quarter 2023 compared with 124 a year ago.
Total operating expenses increased 7.4% to $477 million. We estimated a fall of 0.2% from third-quarter 2022 figures.
Adjusted EBITDA plunged 16% year over year to $137 million. We suggested 0.2% growth from third-quarter 2022 actuals.
Air Transport Services Group, Inc Price, Consensus and EPS Surprise
Operating cash flow fell to $117.5 million from $147.9 million a year ago. In the third quarter, adjusted free cash flow was $68.8 million compared with $91.4 million in the prior year.
Management expects 2023 adjusted EBITDA in the range of $560-$580 million (prior view: $610-$620 million). For 2023, ATSG is still projecting $785 million in total capex spend, including $545 million for growth and $240 million in sustaining capex. However, it further reduces its 2024 capex plan to $505 million, down $100 million in growth capex. Management suggests 2023 EPS in the $1.50-$1.70 band (prior view: $1.85 - $2.00).
United Airlines (UAL - Free Report) reported third-quarter 2023 earnings per share (excluding 23 cents from non-recurring items) of $3.65, which outpaced the Zacks Consensus Estimate of $3.40 and improved 29.9% year over year.
Operating revenues of $14,484 million outshined the Zacks Consensus Estimate of $14,441.8 million. The top line jumped 12.5% year over year due to upbeat air-travel demand.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) third-quarter 2023 earnings per share of $1.80 fell short of the Zacks Consensus Estimate of $1.85 and declined 30% year over year.
Total operating revenues of $3,163.8 million also lagged the Zacks Consensus Estimate of $3,224 million and tumbled 18% year over year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Air Transport Services (ATSG) Q3 Earnings Miss, Decrease Y/Y
Air Transport Services Group, Inc. third-quarter 2023 quarterly earnings per share (EPS) (excluding 8 cents from non-recurring items) of 32 cents missed the Zacks Consensus Estimate of 49 cents and declined 46.7% year over year. Revenues of $523.1 million surpassed the Zacks Consensus Estimate of $522.7 million and rose 1.2% year over year.
Air Transport Services’ total fleet in service included 130 aircraft (18 passengers and 112 freighters) at the end of third-quarter 2023 compared with 124 a year ago.
Total operating expenses increased 7.4% to $477 million. We estimated a fall of 0.2% from third-quarter 2022 figures.
Adjusted EBITDA plunged 16% year over year to $137 million. We suggested 0.2% growth from third-quarter 2022 actuals.
Air Transport Services Group, Inc Price, Consensus and EPS Surprise
Air Transport Services Group, Inc price-consensus-eps-surprise-chart | Air Transport Services Group, Inc Quote
Operating cash flow fell to $117.5 million from $147.9 million a year ago. In the third quarter, adjusted free cash flow was $68.8 million compared with $91.4 million in the prior year.
Management expects 2023 adjusted EBITDA in the range of $560-$580 million (prior view: $610-$620 million). For 2023, ATSG is still projecting $785 million in total capex spend, including $545 million for growth and $240 million in sustaining capex. However, it further reduces its 2024 capex plan to $505 million, down $100 million in growth capex. Management suggests 2023 EPS in the $1.50-$1.70 band (prior view: $1.85 - $2.00).
Air Transport Services carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Transportation Companies
United Airlines (UAL - Free Report) reported third-quarter 2023 earnings per share (excluding 23 cents from non-recurring items) of $3.65, which outpaced the Zacks Consensus Estimate of $3.40 and improved 29.9% year over year.
Operating revenues of $14,484 million outshined the Zacks Consensus Estimate of $14,441.8 million. The top line jumped 12.5% year over year due to upbeat air-travel demand.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) third-quarter 2023 earnings per share of $1.80 fell short of the Zacks Consensus Estimate of $1.85 and declined 30% year over year.
Total operating revenues of $3,163.8 million also lagged the Zacks Consensus Estimate of $3,224 million and tumbled 18% year over year.