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Mar 31, 2024
ATSG Q1 2024 Earnings Report
ATSG reported consolidated financial results for the first quarter ended March 31, 2024.
Key Takeaways
ATSG reported strong start in the first quarter, having generated $15 million in Free Cash Flow.
ATSG announced agreements to operate ten additional Boeing 767 freighters for Amazon.com Services LLC by the end of 2024.
Extended their commercial flying agreement with Amazon to May 2029, with mutual extension rights for five additional years.
Completed the conversion and delivery of four 767-300 freighters to customers in the quarter.
Generated $15 million in Free Cash Flow.
Revenue by Segment
Forward Guidance
ATSG expects Adjusted EBITDA of approximately $516 million in 2024 and Adjusted EPS remains unchanged at 55 cents to 80 cents diluted for 2024.
Positive Outlook
- Flying opportunities from ten more Amazon 767 freighters.
- Potential for additional Adjusted EBITDA from new lease commitments for available aircraft.
- Opportunities for additional flying.
- Capital spending expectations for 2024 remain unchanged at $410 million, down $380 million from 2023.
- CAM is well-positioned to lease additional freighters to other customers with minimal incremental capital investment as market demand improves.
Challenges Ahead
- Assumes the startup of all ten Amazon-provided 767-300s prior to December 1, 2024.
- Costs associated with bringing them into service
- Adding over 50 additional pilots at ABX Air.
- Excludes any contribution from additional aircraft leases or flying opportunities not currently under contractual commitment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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