Air Transport Services Group, a provider of medium wide-body aircraft leasing, air cargo transportation and related services, reported consolidated financial results for the quarter ended December 31, 2017.
The company earned Q4/17 revenues of $323 million, which marked a 46% increase. As for 2017 in total, the company gained a 39% increase, reaching $1.1 billion. ATSG’s leasing, airlines, maintenance and logistics businesses all recorded double-digit revenue increases before eliminations for the fourth quarter.
In addition, ATSG‘s capital expenditures were $296.9 million, up 12%.
Joe Hete, president and CEO of ATSG, said, “Our 2017 results reflect substantial gains in the operational effectiveness and expanded flight schedules of our airlines during peak season, strong contributions from our other businesses, and growth in our leased freighter fleet, including external leases covering fifty of our sixty-one Boeing 767s. We also assured our access to low-cost capital with a $120 million increase in our credit facility and a $259 million offering of convertible senior notes. With our attractive asset mix expanding into the narrow-body sector, strong cash-flow generation, and lower federal tax rates, we are well positioned for continued growth in the future.
“We continue to see robust global demand for our expanding fleet of 767 freighters, and are confident we will have customers waiting for these as they emerge from our pipeline,” Hete said. “Eighty-seven percent of our 767 fleet will be under multi-year dry leases by the end of 2018. We expect strong returns from these fleet investments, thanks to our experience in acquiring, converting, and deploying midsize freighters, our unique array of support services, and e-commerce trends driving worldwide investments in regional express networks.”
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