Business
Air T, Inc. Reports Third Quarter Fiscal 2025 Results
CHARLOTTE, NC / ACCESS Newswire / February 12, 2025 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of
About this update from Air T, Inc.
[{"type":"text","content":"CHARLOTTE, NC / ACCESS Newswire / February 12, 2025 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is independent yet interrelated. We seek dynamic individuals and teams to operate companies with processes and insights that drive increasing value over time. We believe we can invest corporate resources to help activate growth and overcome challenges.Our core segments are overnight air cargo; ground equipment sales; commercial jet engines and parts; and corporate and other.The company is celebrating the 25th anniversary of its business unit, Contrail, a leading provider of commercial aircraft trading, leasing, and parts solutions and a key contributor to Air T's long-term growth.Today the Company is announcing results for the fiscal third quarter ended December 31, 2024:Revenues totaled $77.9 million for the quarter ended December 31, 2024, an increase of $14.1 million, or 22% from the prior year's comparable quarter.Operating income was $1.8 million for the quarter ended December 31, 2024, an increase of $3.4 million from the prior year comparable quarter's operating loss of $1.6 million.Adjusted EBITDA* profit of $2.7 million for the quarter ended December 31, 2024, compared to an Adjusted EBITDA* loss of $0.1 million in the prior year's comparable quarter.The investment balance for the Company's equity method investees was $18.7 million at December 31, 2024; as compared to $16.7 million at March 31, 2024.*Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure.Company Chairman and CEO Nick Swenson commented:\"Fiscal 2025 themes continue. Aviation assets are rising in value creating near-term challenges for our customers and ourselves, while requiring careful calibration of future expectations. Our independent-yet-interrelated businesses in the mid-to-end-of-life aviation asset marketplaces are making adjustments to adapt. Notably, Contrail has deleveraged significantly in the past year; and Crestone has both sold aviation assets and added net assets to the portfolio they manage for investment partners. Amidst a challenging sales and margin environment, GGS is working hard on a large number of product-development projects. We don't believe that we have lost significant market share but rather deicer sales h...