Air T Inc. reported a 63% year-over-year increase in revenue for the first quarter, driven by strong demand in its aviation services and ground equipment segments. The company posted quarterly revenue of $121.4 million, up from $74.5 million in the same period last year.
Despite the revenue growth, Air T recorded an operating loss of $2.3 million for the quarter, compared with operating income of $1.8 million in Q1 2023. The company attributed the loss to elevated operating expenses, including higher labor costs and increased fuel prices, which offset the revenue gains.
Net income for the quarter totaled $1.1 million, or $0.22 per diluted share, compared with a net loss of $0.9 million, or $0.18 per diluted share, in the prior-year period. The net result reflects a $3.4 million swing, primarily due to the operating loss and a $1.2 million gain on debt extinguishment.
Air T’s aviation services segment, which includes regional airline operations and aircraft maintenance, saw revenue rise 58% to $89.2 million. The ground equipment segment, which provides equipment leasing and sales, reported revenue of $32.2 million, up 82% from a year earlier.
The company did not provide updated guidance for the full fiscal year, stating that it continues to monitor macroeconomic conditions and industry trends. Air T’s shares were trading 2.1% higher in after-hours trading following the release.
