What Next For Atsg?

摘要

Air Transport Services Group (ATSG, parent of all-cargo carriers ABX Air, Air Transport International, and Capital Cargo International, as well as lessor Cargo Aircraft Management) reported third-quarter net income more than doubled y-o-y to $5.0 million, as revenues rose 47.1% to $420.8 million. Given the reality of the looming loss of the DHL business the good news is that non-DHL business has grown strongly over the last year, and now accounts for 34.2% of ATSG's revenue and 56.1% of operating earnings. As part of its agreement with DHL, ATSG can put back much of its DHL fleet (including all of its DC-9Fs and small-door 767-200Fs) to the integrator on termination of the contract at the lesser of book value or fair market value. And, of course, all of the freighters operated by its other carrier subsidiaries, Capital Cargo (CCIA) and Air Transport International (ATI), will continue in their current service, primarily with Schenker/BAX. However, this will leave ABX with some twenty 767-200Fs of which only about eight are currently in ACMI service with other customers.