Air Transport Services Group reported a decline in fourth quarter profit, but growth in full year net income.
Air Transport Services Group reported fourth quarter 2012 profit of $12 million, down 7 percent from $12.9 million in the fourth quarter of 2011.
For full year 2012, the air cargo provider posted net income was $40.9 million, a jump of 76 percent from $23.2 million in 2011.
Revenue was $154.6 million in the fourth quarter, down 7 percent year-over-year from $166.5 million, and $607.4 million for the full year, a decline of 17 percent year-over-year from $730.1 million.
Quarterly revenue for Cargo Aircraft Management, the aircraft leasing division, increased 2 percent to $39.5 million. Revenue in the fourth quarter for ATSG’s airline operations, ACMI Services, was $103.6 million, down from $108.3 million in the fourth quarter of 2011.
ATSG has no current plans to acquire aircraft in 2013 other than the previously announced purchase of two Boeing 757 combis. As a result, spending is expected to decline about $45 million from 2012 to about $110 million in 2013.
“The current market continues to complicate forecasting the timing of aircraft deployments we discussing with our customers,” said Joe Hete, ATSG president and CEO, in a written statement. “However, if those programs move forward as current discussions would indicate, 2013 could turn out to be a very good year for our shareholders.”