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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 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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