Welcome to our dedicated page for Air T news (Ticker: AIRT), a resource for investors and traders seeking the latest updates and insights on Air T stock.
Air T Inc. (NASDAQ: AIRT) is a diversified holding company that operates in the aviation and logistics sectors. Established in 1980, Air T Inc. provides a range of services through its subsidiaries, including overnight air cargo, aviation ground support equipment manufacturing and sales, commercial jet engine and parts management, and other corporate operations.
Overnight Air Cargo: Air T Inc. operates through Mountain Air Cargo (MAC) and CSA Air (CSA), offering small package overnight air freight delivery services predominantly for FedEx. With a fleet of approximately 90 aircraft, these subsidiaries ensure timely deliveries across the eastern United States, Puerto Rico, and the Caribbean.
Aviation Ground Support Equipment Manufacturing: The company’s subsidiary, Global Ground Support (GGS), is renowned for its production of aircraft de-icing equipment. GGS caters to passenger and cargo airlines, airports, military, and industrial clients, manufacturing mobile deicers and other specialized equipment.
Commercial Jet Engines and Parts: This segment focuses on leasing commercial jet engines and aircraft, as well as buying, selling, and trading surplus and aftermarket parts. Subsidiaries like Worthington Aviation and Contrail Aviation Support are key players in this domain, ensuring a steady supply of aviation components.
Corporate and Other: Air T Inc. also invests in corporate functions and provides additional resources to its business units, including investment research and management services.
Financial Overview: For the fiscal year ended March 31, 2023, Air T Inc. reported revenues of $247.3 million, a 40% increase from the previous year. However, the company faced an operating loss of $4.4 million, reflecting the challenges within the industry. Despite these challenges, the firm continues to focus on profitable and sustainable growth across its diverse business segments.
Recent Developments: The company recently completed a $15 million private note transaction to securitize its aviation-related joint ventures. This strategic move aims to strengthen the company's financial position and support further investments in the aviation sector.
Air T Inc. is committed to delivering value to its stakeholders by focusing on operational excellence and adapting to market conditions. For more information, visit www.airt.net.
Air T Inc (NASDAQ:AIRT) reported strong Q2 FY2025 results with revenues of $81.2 million, up 3% year-over-year. Operating income increased significantly to $3.9 million from $0.8 million in the prior year. The company achieved an Adjusted EBITDA of $5.0 million, up from $1.6 million. Earnings per share improved to $0.91 compared to a loss of $0.57 in the previous year. The Overnight Air Cargo segment saw 11% revenue growth, while Ground Equipment Sales increased 18%. Commercial Jet Engines segment showed strong margins despite revenue decrease. The company's equity method investments reached $17.6 million, with net income of $2.3 million from these investments.
Ashland Place Finance has completed a new facility financing for the acquisition of a Boeing 737-800 for Crestone Air Partners, Air T, and Mill Road Capital Management. This marks the third transaction between Ashland Place and Crestone, following previous financings of three Boeing 737-800 freighters in January 2024 and four CFM56 engines in July 2022. The deal demonstrates the ongoing partnership between the companies, with both parties expressing satisfaction with their continued collaboration.
Latitude Aero, a leading aircraft seating refurbishment company, has received FAA approval for digital recordkeeping through the implementation of Vista-Suite.com Enterprise, a cloud-based ERP and MRO software from Ambry Hill Technologies. The system complies with FAA AC 120-78A guidelines, enabling electronic signatures, record keeping, and manuals. This transition from paper-based to digital documentation allows Latitude Aero to streamline compliance processes, reduce documentation time, and operate remotely while maintaining FAA standards for cybersecurity, audit trails, and digital storage.
Air T, Inc. (NASDAQ:AIRT) has appointed Tracy Kennedy as Chief Financial Officer, effective October 16, 2024. Tracy has been with Air T for over six years, previously serving as Director of Accounting, Corporate Controller, and Chief Accounting Officer. She has been instrumental in developing the accounting department during a period of significant growth.
CEO Nick Swenson praised Tracy's leadership, financial expertise, and commitment to excellence. Tracy expressed excitement about her new role, emphasizing her deep knowledge of Air T's operations and culture. She aims to drive success and create long-term shareholder value in her position as CFO.
Air T has implemented an interactive Q&A capability through Slido.com for stakeholder questions, which will be addressed at the Annual Meeting and through quarterly written responses.
Air T, Inc. (NASDAQ:AIRT) has announced that its 2024 Annual Meeting of Stockholders will be accessible via webcast and in-person on August 21, 2024, at 8:30 AM Central Time. Stockholders of record as of July 2, 2024, or those holding legal proxies, are eligible to attend and vote. The meeting will be held at the company's St. Louis Park office in Minneapolis, with directors and management physically present.
To participate, stockholders can visit https://agm.issuerdirect.com/airt and follow registration instructions. Questions can be submitted during the meeting or in advance through slido.com using the event code #AIRTQA. Regardless of attendance plans, stockholders are encouraged to vote in advance by mail, telephone, or internet as described in the proxy materials.
Air T, Inc. (NASDAQ:AIRT) reported its Q1 fiscal 2025 results, revealing a 7% decrease in revenues to $66.4 million compared to the previous year. The company experienced an operating loss of $0.6 million, down from an operating income of $0.7 million in the prior year. Adjusted EBITDA profit decreased to $0.7 million from $1.4 million year-over-year. The loss per share improved to $0.12 from $0.19 in the comparable quarter. Total equity declined by 10% to $5.2 million.
Segment performance varied, with Overnight Air Cargo seeing a 10% revenue increase, while Ground Equipment Sales experienced a 38% revenue decrease. The Commercial Jet Engines and Parts segment reported lower revenues, and the Corporate segment's Adjusted EBITDA loss slightly increased.
Air T, Inc. (NASDAQ:AIRT) has announced the departure of its Chief Financial Officer, Brian Ochocki, effective September 3, 2024. Ochocki is leaving to pursue a CFO position at a local company in an industry he enjoys. Nick Swenson, Chairman and CEO, expressed gratitude for Ochocki's contributions over the past 5 years, particularly in guiding the company through the pandemic, developing accounting and finance functions, and completing financing and M&A transactions.
The company has initiated a search for a successor. In the interim, Tracy Kennedy, Chief Accounting Officer, will oversee financial operations. Air T has implemented an interactive Q&A capability through Slido.com for stakeholder questions, which will be addressed at the Annual Meeting and in quarterly written responses.
Air T, Inc. (NASDAQ: AIRT) reported its Fiscal 2024 results, highlighting a revenue increase of 16% to $286.8 million compared to the previous fiscal year. Operating income was $1.3 million, reversing a prior fiscal year's operating loss of $4.4 million. Adjusted EBITDA amounted to $5.6 million, a slight decrease from $6.0 million the previous year. The loss per share improved to $2.42 from $4.32. However, total equity dropped significantly by 55.2% to $5.8 million.
The Overnight Air Cargo segment saw revenues rise by 28% to $115.5 million, while the Ground Equipment Sales segment experienced a 23% decline in revenues to $37.2 million. The Commercial Jet Engines and Parts segment reported a revenue increase of 23.4% to $125.5 million. Company CEO Nick Swenson noted that the year laid a strong foundation for a promising FY2025.
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