WILMINGTON — Air Transport Services Group, Inc. on Monday reported consolidated financial results for the quarter ended March 31:
• Revenues: $203.0 million (after the adoption new revenue recognition standard)
• Revenues up 11 percent in 1Q 2018 excluding $54.4 million in 1Q 2017 reimbursable expenses
• GAAP Earnings from Continuing Operations $15.7 million, $0.26 per share diluted
Adjusted Earnings from Continuing Operations in 2018 exclude the net effects of warrants issued to Amazon.com Services, Inc. and a share of development costs for ATSG’s Airbus A321 freighter conversion venture.
• Adjusted EBITDA (non-GAAP) from Continuing Operations $71.9 million
• Up 26 percent vs. $57.0 million in 1Q 2017
Joe Hete, President and Chief Executive Officer of ATSG, said, “Continued earnings improvement from our airline businesses and the reduction in the federal tax rate drove a more than doubling of our first quarter adjusted earnings from continuing operations compared to last year.
”The outstanding efforts of our employees, and strong customer demand for our growing portfolio of freighter aircraft, point to further success during 2018.”
Additional information is available on www.atsginc.com.