Air T swings to Q2 net loss per share on higher fuel costs, engine issues
AIRT•Air T reported a Q2 loss of $7.48 per share as higher fuel costs, unscheduled engine removals and maintenance delays at Rex weighed on its regional airline segment. Revenue more than doubled year over year to $146.90 million, driven by the Rex acquisition.
1. Q2 results
Air T reported Q2 revenue of $146.90 million, more than double the year-earlier level, driven by its Rex acquisition. The company posted a net loss per share, compared with a profit a year earlier, and adjusted EBITDA declined year over year.
2. Segment performance
Higher fuel costs, unscheduled engine removals and maintenance delays at Rex drove losses in the regional airline segment. Higher pricing and sales in overnight air cargo and ground support equipment boosted revenue and margins, while the absence of a prior-year gain on aircraft sales reduced commercial aircraft segment profitability despite higher component sales. Air T provided no specific financial guidance for the current quarter or full year.
