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. reports developments across a portfolio of aviation businesses and financial assets. Its recurring updates cover operating results, segment activity, completed acquisitions, and capital-structure actions tied to its common stock and Alpha Income Preferred Securities (AIRTP).
The company's operating areas include overnight air cargo services, aviation ground-support equipment manufacturing and maintenance, commercial aircraft engines and parts leasing and trading, digital aviation services, and Rex regional airline operations in Australia. Company announcements also address AIRTP distributions, investor presentations, material agreements, and governance changes.
Mountain Air Cargo, Inc. (MAC), a FedEx air cargo feeder airline, has successfully launched the world's first C408 SkyCourier route between Tallahassee and Orlando on January 3, 2023. This addition to MAC's fleet enhances its capacity, with plans to acquire a total of eight C408 SkyCouriers by year-end. The aircraft can carry up to 6,000 pounds, doubling the capacity of the C208 Caravan. MAC's partnership with FedEx continues to thrive, as it marks 40 years of operations. The C408 SkyCourier not only bolsters freight capabilities but also promotes career growth for pilots in the expanding air cargo sector.
Air T, Inc. (NASDAQ:AIRT) announced its fiscal Q3 results for the period ending December 31, 2022, reporting revenues of $61.4 million, a 35% increase year-over-year. Operating income rose to $135,000, up from $25,000. Adjusted EBITDA was $1.3 million, up from $0.5 million, while the loss per share improved to $0.21 from $0.44. However, total equity decreased by 12% to $22.5 million. The company highlighted growth in its aviation segments, particularly in air cargo and commercial jet engine parts, despite rising corporate overhead costs.
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Air T, Inc. (NASDAQ:AIRT) reported a strong fiscal second quarter ended September 30, 2022, with revenues of $60.7 million, up 40% year-over-year. Adjusted EBITDA reached $2.3 million, compared to $1.1 million in the prior year. However, operating income fell to $0.2 million, down $0.5 million from last year, and the company reported a loss per share of $0.43, compared to earnings of $2.62 in the same quarter last year. Total equity decreased by 7% to $23.9 million.
Air T, Inc. (NASDAQ:AIRT) reported impressive first-quarter results for the fiscal year ending June 30, 2022. Revenues soared to $50.9 million, up 38% year-over-year. Operating income increased to $0.8 million from a loss last year, and Adjusted EBITDA reached $1.5 million, improving from $0.3 million in the prior year. However, the company reported a loss per share of $0.50, contrasting with a gain of $0.10 from the previous year. Total equity dropped to $25.1 million, a 2% decrease since March 31, 2022.
Ashland Place Finance has successfully closed an engine facility financing deal involving four CFM56 engines leased to Cebu Air in the Philippines and TUI Airways in the UK. This partnership with Crestone Air Partners is significant for enhancing Ashland's commercial aviation financing capabilities. Both companies express optimism about the collaboration, aiming to provide tailored solutions and capital support to the aviation sector.
Air T, Inc. (NASDAQ:AIRT) has formed Crestone Air Partners, a wholly owned subsidiary dedicated to trading, leasing, and managing commercial aviation assets. With over 100 years of combined industry experience, Crestone supports a previously announced $100 million equity deployment joint venture, with potential for an additional $300 million. The unit will focus on acquiring mid-to-end of life commercial jets and engines, offering competitive leasing terms and a complete lifecycle solution. This strategic move aims to enhance value for investors and clients.
Air T, Inc. (NASDAQ:AIRT) reported a 1.1% year-over-year revenue increase, totaling $177.1 million for the fiscal year ending March 31, 2022. Operating income rose significantly to $8.8 million, recovering from a previous loss. Adjusted EBITDA improved to $11.4 million, reversing a $1.3 million loss in the prior year. Net income per share was $3.79, compared to a loss of $2.53 per share previously. Total equity surged by 68% to $24.7 million, reflecting enhanced financial health. Key segments like overnight air cargo and commercial jet engines showed positive growth, despite challenges in the aviation ground equipment segment.
Air T, Inc. (NASDAQ:AIRT) reported a Q3 FY2022 revenue of $45.4 million, an 18.6% decline from the previous year. Operating income dropped to $25,000, down from $1.1 million in Q3 last year. The company reported a loss per share of $0.44, reversing from a profit of $0.73. Despite the decrease in revenue, total equity increased by 44.9% to $21.3 million. Notably, the Overnight Air Cargo segment saw a 12% revenue increase, while Aviation Ground Equipment revenues fell 27%.
Air T, Inc. (NASDAQ:AIRT) announced the record and payment dates for its Alpha Income Preferred (AIP) securities (NASDAQ:AIRTP) for the years 2022 and 2023. AIP holders will receive cash distributions of $0.50 per share, equivalent to an 8.0% annual rate based on par value. Key payment dates include February 15, May 16, August 15, and November 15 for 2022, and similar dates in 2023. Established in 1980, Air T focuses on air cargo, aviation support equipment manufacturing, and aircraft asset management, aiming to enhance cash flow and stakeholder value.