Air Transport Services Group reported net income in the first quarter of 2013 was $8.5 million, increasing 32.2 percent from $6.4 million in the first quarter of 2012.
On the other hand, quarterly revenue was $143.3 million, down 1.5 percent from $145.5 million in the same quarter last year. The aircraft leasing and air cargo transportation company’s aircraft leasing division generated revenue of $39.0 million in the first quarter, up 3.0 percent year-over-year from $37.9 million. The ACMI Services segment generated revenue of $113.1 million, sliding 0.1 percent from $113.2 million.
“We made a major investment in our combi business with the U.S. military, placed more of our Boeing 767 and 757 freighters with DHL and completed the merger of two of our airlines during the first quarter,” said Joe Hete, president and CEO of ATSG, in a written statement. “The results were significant increases in our net income and in our Adjusted EBITDA, compared with the year-earlier quarter.”
“Our baseline business remains solid, and we are moving quickly to capture the rest of the $5 to $6 million in merger synergies we projected a few months ago,” he added.