ATSG - Why Air Transport Services Stock Is Flying Higher Today
2023-08-04 14:10:19 ET
Cargo and charter specialist Air Transport Services Group (NASDAQ: ATSG) reported a stronger-than-expected quarter and raised its full-year guidance. Investors are reacting by sending the stock airborne, with the shares up more than 12% on Friday afternoon.
ATSG is a provider of aircraft leasing and air cargo services, ranking as the world's largest owner and operator of Boeing 767 freighters. The company earned $0.57 per share in the second quarter on revenue of $529 million, outpacing the consensus estimate for $0.36 per share on sales of $515 million.
Revenue was up 4% year over year and adjusted earnings before interest, taxes, depreciation, and amortization EBITDA remained steady despite some inflation on the cost side of the business.
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Why Air Transport Services Stock Is Flying Higher Today