Air Transport Services Group has posted consolidated financial results for the quarter ended December 31, 2017.
Fourth quarter revenues increased US$101.3m, or 46%, to US$323.0m and revenues for all of 2017 rose 39% to US$1.1bn.
ATSG’s leasing, airlines, maintenance and logistics businesses all recorded double-digit revenue increases before eliminations for the fourth quarter. Fourth quarter GAAP Earnings from Continuing Operations were US$94.1m, 2017 GAAP Earnings were US$21.7m.
Fourth quarter Adjusted Earnings increased 73% to US$20.7m, 2017 Adjusted Earnings were US$61.1m up 63%. Fourth quarter Adjusted Earnings from Continuing Operations exclude, among other items, a US$59.9m benefit from the effects of the 2017 Tax Cuts and Jobs Act on ATSG’s net deferred tax liabilities at the end of 2017, and US$14.9m in net gains from warrants issued to Amazon.com Service.
Fourth quarter Adjusted EBITDA increased 43% to US$80.8m, 2017 Adjusted EBITDA up 27% to US$267.9m. 2017 Capital expenditures were US$296.9m, up 12%.
