By Ben Glickman
Air Transport Services Group swung to a fourth-quarter loss as demand for its airplanes weakened.
The Wilmington, Ohio-based airplane-leasing provider posted a loss of $15 million, or 24 cents a share, in the quarter ended Dec. 31, compared with a profit of $42.7 million, or 50 cents a share, a year earlier. Analysts polled by FactSet expected per-share earnings of 26 cents.
Stripping out certain one-time items, adjusted per-share earnings came to 18 cents, below the 28 cents forecast by analysts, according to FactSet.
Revenue fell 3% to $517 million, missing the $532.4 million expected by analysts polled by FactSet.
Chief Executive Joe Hete said the company saw lower demand in its leasing segment and in its passenger airline operations.
Air Transport Services expects adjusted profit of 55 cents to 80 cents a share in 2024, compared with the $1.58 a share expected by analysts polled by FactSet.
Write to Ben Glickman at ben.glickman@wsj.com
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