ATSG Q2 profit soars 57pc to US$37.5 million as sales rise 64.3pc
FREIGHTER operator ATSG saw operating income in the second quarter skyrocket 56
FREIGHTER operator ATSG saw operating income in the second quarter skyrocket 56.8 per cent year on year to stand at US$37.5 million on revenues of $334.5 million, up 64.3 per cent.
The impressive growth comes as the lessor continues to increase its flights for Amazon and reaps benefits from the acquisition of Omni Air.
Revenues from Omni International, which ATSG bought in November 2018, were the biggest contributor to the year-on-year revenue gain, reported London's Air Cargo News.
ATSG chief executive Joe Hete said that operating momentum continued during the second quarter, as flight operations for the US Department of Defense and Amazon rose.
'In December 2018, ATSG agreed to lease 10 more Boeing 767-300 converted freighters to Amazon, anticipating five deliveries in each of the next two years,' Mr Hete was quoted as saying.
'At Amazon's request, we now expect to deliver them six B767 freighters this year, and the remaining four in 2020.
'The first of those six was delivered in June, the second in early July and the third is due later this month.
'At the same time, we have agreed to lease four B767 freighters to United Parcel Service this year, starting in September.'
Mr Hete added: 'In 2020, we expect to deploy at least 10 more aircraft, four of which are under customer commitments to Amazon and one that we expect to lease to UPS next year.'