Air T, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2022
November 10, 2022 at 04:32 pm EST
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Air T, Inc. reported earnings results for the second quarter and six months ended September 30, 2022. For the second quarter, the company reported revenue was USD 60.69 million compared to USD 43.24 million a year ago. Net loss was USD 1.23 million compared to net income of USD 7.56 million a year ago. Basic loss per share from continuing operations was USD 0.43 compared to basic earnings per share from continuing operations of USD 2.62 a year ago. Diluted loss per share from continuing operations was USD 0.43 compared to diluted earnings per share from continuing operations of USD 2.6 a year ago.
For the six months, revenue was USD 111.55 million compared to USD 80.21 million a year ago. Net loss was USD 2.67 million compared to net income of USD 7.84 million a year ago. Basic loss per share from continuing operations was USD 0.93 compared to basic earnings per share from continuing operations of USD 2.72 a year ago. Diluted loss per share from continuing operations was USD 0.93 compared to diluted earnings per share from continuing operations of USD 2.71 a year ago.
Air T, Inc. is a holding company with a portfolio of operating businesses and financial assets. The Company's segments include overnight air cargo, ground equipment sales, commercial jet engines and parts, and corporate and other. The Overnight air cargo segment operates in the air express delivery services industry. The Ground equipment sales segment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers. The Company also offers fixed-pedestal-mounted deicers. The Commercial jet engines and parts segment manages and leases aviation assets, supplies surplus and aftermarket commercial jet engine components, provides commercial aircraft disassembly/part-out services, commercial aircraft parts sales, and procurement services and overhaul and repair services to airlines. The Corporate and other segment acts as the capital allocator and resource for other consolidated businesses.