Air T, Inc. Reports First Quarter Fiscal 2025 Results
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) ha riportato i risultati per il primo trimestre dell'anno fiscale 2025, rivelando una decremento del 7% nei ricavi, che si attestano a 66,4 milioni di dollari rispetto all'anno precedente. L'azienda ha registrato una perdita operativa di 0,6 milioni di dollari, in calo rispetto a un utile operativo di 0,7 milioni di dollari dell'anno precedente. Il profitto Adjusted EBITDA è diminuito a 0,7 milioni di dollari da 1,4 milioni di dollari su base annua. La perdita per azione è migliorata a 0,12 dollari, rispetto a 0,19 dollari nel trimestre comparabile. Il patrimonio netto totale è diminuito del 10%, attestandosi a 5,2 milioni di dollari.
Le performance dei segmenti sono variate, con Overnight Air Cargo che ha registrato un incremento dei ricavi del 10%, mentre Ground Equipment Sales ha subito un decremento dei ricavi del 38%. Il segmento Commercial Jet Engines and Parts ha riportato ricavi più bassi e la perdita Adjusted EBITDA del segmento Corporate è leggermente aumentata.
Air T, Inc. (NASDAQ:AIRT) informó sus resultados del primer trimestre del ejercicio fiscal 2025, revelando una disminución del 7% en los ingresos a 66,4 millones de dólares en comparación con el año anterior. La compañía experimentó una pérdida operativa de 0,6 millones de dólares, en comparación con un ingreso operativo de 0,7 millones de dólares en el año anterior. La utilidad ajustada EBITDA disminuyó a 0,7 millones de dólares de 1,4 millones de dólares interanuales. La pérdida por acción mejoró a 0,12 dólares desde 0,19 dólares en el trimestre comparable. El patrimonio total disminuyó un 10% a 5,2 millones de dólares.
El rendimiento por segmentos varió, con Overnight Air Cargo viendo un incremento del 10% en los ingresos, mientras que Ground Equipment Sales experimentó una disminución del 38% en los ingresos. El segmento de Motores de Jets Comerciales y Piezas reportó ingresos más bajos, y la pérdida ajustada EBITDA del segmento Corporativo aumentó ligeramente.
Air T, Inc. (NASDAQ:AIRT)는 2025 회계연도 1분기 실적을 발표하며 전년 대비 수익이 7% 감소한 6,640만 달러를 기록했다고 밝혔습니다. 회사는 60만 달러의 영업 손실을 경험했으며, 이는 전년도 영업 이익 70만 달러에서 하락한 수치입니다. 조정 EBITDA 이익은 전년 대비 140만 달러에서 70만 달러로 감소했습니다. 주당 손실은 0.12 달러로 개선되어, 비교 가능한 분기의 0.19 달러에서 낮아졌습니다. 총 자본은 10% 감소하여 520만 달러에 이릅니다.
세그먼트 성과는 다르게 나타났으며, Overnight Air Cargo는 수익이 10% 증가한 반면, Ground Equipment Sales는 38% 감소했습니다. 상업 제트 엔진 및 부품 세그먼트는 수익이 감소했고, 기업 세그먼트의 조정 EBITDA 손실은 소폭 증가했습니다.
Air T, Inc. (NASDAQ:AIRT) a publié ses résultats du premier trimestre de l'exercice fiscal 2025, révélant une diminution de 7% des revenus à 66,4 millions de dollars par rapport à l'année précédente. L'entreprise a subi une perte d'exploitation de 0,6 million de dollars, contre un bénéfice d'exploitation de 0,7 million de dollars l'année dernière. Le bénéfice EBITDA ajusté est tombé à 0,7 million de dollars contre 1,4 million de dollars d'une année sur l'autre. La perte par action s'est améliorée à 0,12 dollar par rapport à 0,19 dollar lors du trimestre comparable. Les capitaux propres totaux ont diminué de 10% pour atteindre 5,2 millions de dollars.
Les performances des segments ont varié, avec Overnight Air Cargo affichant une augmentation de 10% des revenus, tandis que Ground Equipment Sales a connu une diminution de 38% des revenus. Le segment des moteurs d'avion commerciaux et des pièces a rapporté des revenus inférieurs, et la perte d'EBITDA ajusté du segment corporate a légèrement augmenté.
Air T, Inc. (NASDAQ:AIRT) hat die Ergebnisse für das erste Quartal des Geschäftsjahres 2025 veröffentlicht und einen Rückgang der Einnahmen um 7% auf 66,4 Millionen US-Dollar im Vergleich zum Vorjahr gemeldet. Das Unternehmen verzeichnete einen Betriebsverlust von 0,6 Millionen US-Dollar, nachdem es im Vorjahr einen Betriebsgewinn von 0,7 Millionen US-Dollar erzielt hatte. Der bereinigte EBITDA Gewinn fiel auf 0,7 Millionen US-Dollar von 1,4 Millionen US-Dollar im Jahresvergleich. Der Verlust pro Aktie verbesserte sich auf 0,12 US-Dollar, im Vergleich zu 0,19 US-Dollar im entsprechenden Quartal. Das Gesamteigenkapital sank um 10% auf 5,2 Millionen US-Dollar.
Die Segmentleistung variierte, wobei Overnight Air Cargo einen Umsatzanstieg von 10% verzeichnete, während der Umsatz im Ground Equipment Sales um 38% zurückging. Das Segment der kommerziellen Triebwerke und Teile meldete niedrigere Einnahmen, und der Verlust im Bereich des bereinigten EBITDA des Unternehmenssegmentes stieg leicht an.
- Overnight Air Cargo segment revenues increased by 10% to $30.4 million
- Loss per share improved from $0.19 to $0.12 year-over-year
- Commercial Jet Engines and Parts segment maintained stable Adjusted EBITDA at $1.7 million
- Overall revenues decreased by 7% to $66.4 million
- Operating loss of $0.6 million compared to operating income of $0.7 million in the prior year
- Adjusted EBITDA profit decreased from $1.4 million to $0.7 million
- Ground Equipment Sales segment revenues declined by 38% to $7.4 million
- Total Equity decreased by 10% to $5.2 million
Insights
Air T's Q1 FY2025 results show a challenging quarter with mixed performance across segments. The
The decrease in Total Equity by
Air T's diversified portfolio demonstrates varying market dynamics across segments. The Overnight Air Cargo segment's growth reflects robust demand in e-commerce and logistics, benefiting from an expanded fleet. However, the significant decline in Ground Equipment Sales suggests potential market saturation or reduced capital expenditure in the aviation industry.
The Commercial Jet Engines and Parts segment's performance indicates a slow recovery in the commercial aviation sector, with lower component part sales. This aligns with the gradual return of air travel post-pandemic. The company's ability to maintain relatively stable Adjusted EBITDA in this segment despite revenue decline suggests effective cost management, which could be important in navigating current market uncertainties.
Air T's Q1 results highlight the need for strategic realignment in certain segments. The company should focus on leveraging the strong performance of its Overnight Air Cargo segment, possibly exploring opportunities to expand its fleet and services further. For the struggling Ground Equipment Sales segment, a review of product offerings and market approach is important to address the declining order backlog.
The stable performance of the Commercial Jet Engines and Parts segment amid revenue decline suggests effective operational efficiency. Air T should consider replicating these efficiency measures across other segments. Additionally, the company might benefit from exploring synergies between segments to create more integrated solutions, potentially opening new revenue streams and enhancing overall corporate resilience in a challenging market environment.
CHARLOTTE, NC / ACCESSWIRE / August 14, 2024 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is independent yet interrelated. We seek dynamic individuals and teams to operate companies using processes that increase value over time. We believe we can apply corporate resources to help activate growth and overcome challenges.
Our core segments are overnight air cargo; ground equipment sales; commercial jet engines and parts; and corporate and other.
Today the Company is announcing results for the fiscal first quarter ended June 30, 2024:
Revenues totaled
$66.4 million for the quarter ended June 30, 2024, a decrease of$5.0 million , or7% from the prior year's comparable quarter.Operating loss was
$0.6 million for the quarter ended June 30, 2024, compared to the prior year's operating income of$0.7 million .Adjusted EBITDA* profit of
$0.7 million for the quarter ended June 30, 2024, compared to an Adjusted EBITDA* profit of$1.4 million in the prior year's comparable quarter.Loss per share of
$0.12 for the quarter ended June 30, 2024, compared to the loss per share of$0.19 for the prior year's comparable quarter.Total Equity decreased from
$5.8 million as of March 31, 2024, to$5.2 million as of June 30, 2024, a decrease of$0.6 million , or10% .
*Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure.
Company Chairman and CEO Nick Swenson commented:
"Air T management is focused on executing its business plans for the year. We have challenges and opportunities. The leadership teams around the company are cohesive and working hard. We are seeking to deliver shareholder-value-creating results as the year unfolds."
Business Segment Results
Overnight Air Cargo
This segment provides air express delivery services, primarily for FedEx, and repair services.
Revenues for this segment increased
10% to$30.4 million in the quarter ended June 30, 2024, compared to$27.7 million in the prior year quarter. The increase was principally attributable to higher administrative fees due to increased fleet of 105 aircraft in the current year quarter compared to 85 aircraft in the prior year quarter, partially offset by lower pass-through revenues from FedEx due to initial provisioning for new aircraft in the prior year that did not recur in the current year quarter.Adjusted EBITDA* for this segment was
$1.9 million for the quarter ended June 30, 2024, a decrease of$0.1 million when compared to the prior year quarter.
Ground Equipment Sales ("GGS")
This segment, which includes the world's largest manufacturer of aircraft deicing equipment, manufactures, and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, and military and industrial customers.
Revenues for this segment totaled
$7.4 million for the quarter ended June 30, 2024, down38% when compared to revenue of$11.8 million in the same quarter in 2023. The decrease was primarily driven by the lower number of deicing trucks sold offset by a slight increase in catering truck sales in the current year quarter compared to the prior year's comparable quarter.Adjusted EBITDA* loss for this segment was
$0.7 million in the quarter ended June 30, 2024, a decrease of$0.6 million compared to the prior year quarter, primarily due to the revenue decrease noted above.As of June 30, 2024, this segment's order backlog was
$9.9 million versus$13.7 million as of June 30, 2023.
Commercial Jet Engines and Parts
This segment leases commercial jet engines and aircraft; buys, sells and trades in surplus and aftermarket commercial jet engines, engine parts, airframes, and airframe parts, avionics, and other; then delivers the related documents and logistics.
Revenues for this segment totaled
$26.3 million for the quarter ended June 30, 2024, a decrease of$3.6 million versus revenues of$29.8 million in the previous year's first fiscal quarter. The decrease was primarily driven by lower component part sales at Contrail in the current quarter compared to the prior year comparable quarter.Adjusted EBITDA* for this segment was
$1.7 million for the quarter ended June 30, 2024, which approximates the Adjusted EBITDA for the prior year comparable quarter.
Corporate and Other
This segment acts as the capital allocator and resource for other consolidated businesses. Further, Corporate and other also comprises smaller businesses and business interests.
This segment's Adjusted EBITDA* for the quarter ended June 30, 2024 represented a loss of
$2.3 million , compared to an Adjusted EBITDA* loss of$2.2 million in the same quarter a year ago.
*Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measures.
Non-GAAP Financial Measures
The Company uses adjusted earnings before taxes, interest, and depreciation and amortization ("Adjusted EBITDA"), a non-GAAP financial measure as defined by the SEC, to evaluate the Company's financial performance. This performance measure is not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures.
Adjusted EBITDA is defined as earnings before taxes, interest, and depreciation and amortization, adjusted for specified items. The Company calculates Adjusted EBITDA by removing the impact of specific items and adding back the amounts of interest expense and depreciation and amortization to earnings before income taxes. When calculating Adjusted EBITDA, the Company does not add back depreciation expense for aircraft engines that are on lease, as the Company believes this expense matches with the corresponding revenue earned on engine leases. There was no depreciation expense for leased engines for the three months ended June 30, 2024 and June 30, 2023.
Management believes that Adjusted EBITDA is a useful measure of the Company's performance because it provides investors additional information about the Company's operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted EBITDA is not intended to replace or be an alternative to operating income, the most directly comparable amounts reported under GAAP.
The table below provides a reconciliation of operating income to Adjusted EBITDA for the three month periods ended June 30, 2024, and 2023, respectively (in thousands):
| Three months ended |
| ||||||
| 6/30/2024 |
|
| 6/30/2023 |
| |||
Operating (loss) income |
| $ | (577 | ) |
| $ | 658 |
|
Depreciation and amortization (excluding leased engines depreciation) |
|
| 760 |
|
|
| 690 |
|
Asset impairment, restructuring or impairment charges |
|
| 378 |
|
|
| - |
|
Gain on sale of property and equipment |
|
| - |
|
|
| (6 | ) |
TruPs issuance expenses |
|
| 101 |
|
|
| 45 |
|
Adjusted EBITDA |
| $ | 662 |
|
| $ | 1,387 |
|
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FAQ
What were Air T's Q1 fiscal 2025 revenue results?
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