Air Transport Services Group has reported consolidated financial results for the quarter ended September 30, 2018.
Third quarter 2018 (3Q 2018) customer revenues were US$204.9 million based on revenue recognition standards adopted in 2018. 3Q 2017 revenues were US$182.0 million excluding US$72.1 million in revenues from reimbursed expenses.
GAAP earnings from continuing operations were US$32.9 million, vs. a loss of US$28.2 million in 3Q 2017. Provision for income tax was US$5.6 million for 3Q18. Due to deferred tax assets, including loss carryforwards, ATSG does not expect to pay significant federal income taxes until 2023 or later.
Adjusted Earnings from Continuing Operations (non-GAAP) were US$21.5 million, up 40% from US$15.3 million in 3Q 2017. Adjusted Earnings from Continuing Operations exclude the net effects of warrants issued to Amazon.com, including a US$33.2 million loss from mark-to-market warrant revaluation in 3Q 2017, and a $2.0 million 3Q 2018 share of development costs for ATSG’s Airbus A321 freighter conversion joint venture.
Adjusted EBITDA from Continuing Operations (non-GAAP) was US$74.3 million, up 13%.
