Q2 2024 Air Transport Services Group Inc Earnings Call Transcript
Key Points
- Expanded and extended flying agreement with Amazon, adding 10 additional aircraft this year.
- Leased four additional 767 freighters to external customers since the end of June.
- Leased commitments for the first two converted Airbus 330 aircraft expected to deliver in Q4.
- On track to exceed the goal of positive free cash flow for the year with $107 million generated through June.
- Raised adjusted EBITDA outlook and lowered capital expenditure outlook for 2024.
- Revenues down $41 million or 8% versus a year ago to $488 million.
- GAAP pre-tax earnings fell significantly from $49.7 million to $10.7 million year-over-year.
- Adjusted pre-tax earnings fell $41 million to $17 million, and EPS was down by $0.38 to $0.19.
- ACMI services segment reported a pre-tax loss of $7 million compared with a gain of $24 million in the prior year.
- Total block hours flown by the three airlines were down 10% versus the prior year quarter.
Good day and thank you for standing by. Welcome to the Q2 2024 Air Transport Services Group, Inc. Earnings conference call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Joe Payne, Chief Legal Officer.
Good morning and welcome to our second quarter 2024 earnings conference call. We issued our earnings release yesterday after the market closed. It's on our website at atsginc.com. Let me begin by advising you that during the course of this call, we will make projections and other forward-looking statements that involve risks and uncertainties. Our actual results and other future events may differ materially from those we described here.
These forward-looking statements are based on information, plans, and estimates as of the date of this call. Air Transport Services Group undertakes no obligation to update any forward-looking statements to reflect changes in underlying assumptions, factors, new information, or other changes. These factors
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