Air Transport Services Group (ATSG) Misses Q1 EPS by 7c

May 5, 2021 5:30 PM EDT

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Air Transport Services Group (NASDAQ: ATSG) reported Q1 EPS of $0.19, $0.07 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $376.1 million versus the consensus estimate of $395.46 million.

Rich Corrado, president and chief executive officer of ATSG, said, "Leased cargo aircraft deliveries remained on a record pace in the first quarter, including four of the eleven additional Boeing 767s we will lease to and fly for Amazon this year. We also received word last week that the FAA has awarded a Supplemental Type Certificate for freighter conversion of Airbus A321-200 passenger aircraft under our joint venture with Precision. In March, we were pleased to learn that Amazon intends to express its continued confidence in ATSG by choosing to exercise ATSG warrants it holds to acquire 19.5 percent of our common shares, including a cash equity investment of $132 million that we expect to be completed this week. However, the incremental passenger flying we were awarded to move personnel in the early stages of the pandemic last year has not continued into 2021, and our ongoing combi and passenger flying assignments remain down. We continue to receive federal pandemic relief funds allocated to U.S. passenger airlines, which allows us to retain employees who support those operations. We anticipate an improving trend for our airline businesses, especially in the second half."

For earnings history and earnings-related data on Air Transport Services Group (ATSG) click here.

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