ATSG 2021 revenues up 10%
25 / 02 / 2022
Rich Corrado, chief executive officer and president of ATSG. Photo: ATSG
US lessor Air Transport Services Group (ATSG) has reported full year 2021 revenues of $1.73bn, up 10% year on year.
Adjusted EBITDA was $541.1m, up 9%, and adjusted pretax earnings were $173.9m, up 11%
Rich Corrado, president and chief executive officer of ATSG, said: “These results flow from investing to extend our lead as the largest lessor of freighter aircraft, and from delivering best-in-class air express service for the e-commerce customers who demand it.”
ATSG expects its adjusted EBITDA for 2022 to be $640m, or nearly $100m more than its 2021 results.
It also projects 2022 capital spending of $590m, including $200m in sustaining capex and $390m for growth.
The forecast assumes leases of nine 767-300 and two A321-200 freighters; and contributions from seven 767 freighter aircraft to be added to customer CMI contracts during 2022, including five to be provided by customers.
It also assumes continued moderation of pandemic effects on demand for ATSG’s passenger and Boeing 757 combi operations, as both revenues and margins for these flight operations continue to recover.
2022 results for passenger operations are expected to approximate pre-pandemic 2019 levels, reflecting more normalised support for both military and commercial passenger customers.
“The strong operating momentum in ATSG’s freighter leasing and airline businesses, together with the change in engine maintenance services for ATSG’s 767-200s, will drive substantial increases in 2022 adjusted earnings as well as Adjusted EBITDA,” said ATSG.