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Dec 31, 2021
ATSG Q4 2021 Earnings Report
Reported record results driven by freighter leases and strong operating cash flow growth.
Key Takeaways
ATSG reported a strong Q4 2021, with revenues up 21% and adjusted EBITDA up 27%. The company's performance was driven by the increasing demand for freighter aircraft and air express services, leading to record revenue, adjusted EPS, and operating cash flow for the full year.
Revenues increased by 21% to $482.4 million.
GAAP EPS from continuing operations rose to $0.60, an increase of $0.56.
Adjusted EBITDA increased by 27% to $154.8 million.
Fifteen additional customer leases of Boeing 767-300 freighters were added.
Revenue by Segment
Forward Guidance
ATSG expects its Adjusted EBITDA for 2022 to be $640 million, or nearly $100 million more than 2021 results. It also projects 2022 capital spending of $590 million, including $200 million in sustaining capex and $390 million for growth.
Positive Outlook
- Leases of nine 767-300 and two A321-200 freighters.
- Contributions from seven 767 freighter aircraft to be added to customer CMI contracts during 2022, including five to be provided by customers.
- 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 normalized 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.
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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