WILMINGTON, Ohio (AP) — WILMINGTON, Ohio (AP) — Air Transport Services Group Inc. (ATSG) on Thursday reported first-quarter profit of $20.1 million.
On a per-share basis, the Wilmington, Ohio-based company said it had profit of 25 cents. Earnings, adjusted for non-recurring costs, were 36 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The air cargo company posted revenue of $501.1 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $504.1 million.
Air Transport Services expects full-year earnings in the range of $1.55 to $1.70 per share.
Air Transport Services shares have dropped 24% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $19.86, a decrease of 38% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a ATSG">Zacks stock report on ATSG at https://www.zacks.com/ap/ATSG