Adjusted earnings up for ATSG

US-based aircraft provider, converter and leasing company Air Transport Services Group (ATSG) reported adjusted earnings from continuing operations (excluding non-cash warrant-related items) up 64% at $13.9m for the quarter ended June 30.
Adjusted earnings per share from continuing operations were $0.21, up eight cents per share.
Revenue increased by $77m, or 43%, to $253.2m. Excluding revenues from reimbursable airline expenses, revenues increased $60m, or 37%.
ATSG’s airline services operations, and maintenance and logistics businesses, recorded double-digit revenue increases.
ATSG president and chief executive, Joe Hete, said the company would shortly deliver its 20th leased Boeing 767 freighter to Amazon, 17 months after it formalised its relationship with the online retailer in March 2016.
ATSG’s total leased-aircraft portfolio had grown by eight 767s by June 30, compared to the same date a year ago.
Excluding the two 767-300s required to complete Amazon’s 20-aircraft order, current purchase and conversion commitments will yield 12 additional 767-300s through to the first half of next year, with leases signed or being finalised for nine.
The remaining three aircraft “are under discussion with multiple parties", Hete added.
Yesterday, the company announced it would enter the A321 conversion fray through a new partnership with Precision.
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