Wed, Jun 26, 9:02 PM (117 days ago)
Air T, Inc. reported a 16% increase in consolidated revenue for the fiscal year ending March 31, 2024, reaching $286.8 million. The growth was primarily driven by the Overnight Air Cargo segment, which saw a 28% increase in revenue due to higher labor revenues, admin fees, and FedEx pass-through revenues. The Commercial Jet Engines and Parts segment also contributed significantly with a 23% revenue increase, attributed to higher component part sales and increased pass-through revenue. However, the Ground Equipment Sales segment experienced a 23% revenue decline due to fewer deicing truck sales. Operating income improved to $1.3 million from a loss of $4.4 million in the previous fiscal year. The Overnight Air Cargo and Commercial Jet Engines and Parts segments reported higher operating incomes, while the Ground Equipment Sales segment saw a decrease. Adjusted EBITDA for the year was $5.6 million, slightly down from $6.0 million in the prior year. Non-operating loss decreased to $5.2 million, mainly due to lower interest expenses and favorable foreign currency exchange rates. The company recorded $0.7 million in income tax expense, yielding an effective tax rate of -18.5%, influenced by foreign rate differentials and changes in valuation allowance. Air T's liquidity remains stable with $7.8 million in cash and equivalents and a working capital of $56.0 million. The company is seeking to refinance its revolving credit facility before its maturity in August 2024.