Air T Inc. Files 10-Q for Q3 2024
Ticker: AIRTP · Form: 10-Q · Filed: Nov 12, 2024 · CIK: 353184
Sentiment: neutral
Topics: 10-Q, earnings, air-cargo, logistics
TL;DR
AIRT 10-Q filed. Q3 numbers in. Overnight Air Cargo & Ground Equipment Sales segments detailed.
AI Summary
Air T Inc. reported its 10-Q filing for the period ending September 30, 2024. The company's fiscal year ends on March 31st. Key segments include Overnight Air Cargo and Ground Equipment Sales. The filing details financial information for these segments during the third quarter and the first half of the fiscal year.
Why It Matters
This filing provides investors with an update on Air T Inc.'s financial performance and operational segments, crucial for understanding the company's current health and future prospects in the air cargo and ground equipment markets.
Risk Assessment
Risk Level: medium — The company operates in the transportation and logistics sector, which can be subject to economic downturns, fuel price volatility, and competitive pressures.
Key Numbers
- 20240930 — Reporting Period End Date (Indicates the end of the financial reporting quarter.)
- 20241112 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- AIR T INC (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 20241112 (date) — Filing date
- CHARLOTTE (location) — Company headquarters city
- OvernightAirCargoSegmentMember (company_segment) — Key business segment
- GroundEquipmentSalesSegmentMember (company_segment) — Key business segment
FAQ
What is the primary business of Air T Inc.?
Air T Inc. operates in the air courier services industry, with key segments including Overnight Air Cargo and Ground Equipment Sales.
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ending September 30, 2024.
When was this 10-Q filing submitted?
This 10-Q filing was submitted on November 12, 2024.
What are the main business segments mentioned in the filing?
The main business segments mentioned are Overnight Air Cargo and Ground Equipment Sales.
Where is Air T Inc. headquartered?
Air T Inc. is headquartered in Charlotte, North Carolina.
Filing Stats: 4,891 words · 20 min read · ~16 pages · Grade level 16.2 · Accepted 2024-11-12 16:30:54
Filing Documents
- airt-20240930.htm (10-Q) — 1577KB
- airt-20240930xex221.htm (EX-22.1) — 3KB
- airt-20240930xex311.htm (EX-31.1) — 9KB
- airt-20240930xex312.htm (EX-31.2) — 9KB
- airt-20240930xex321.htm (EX-32.1) — 6KB
- 0000353184-24-000133.txt ( ) — 9238KB
- airt-20240930.xsd (EX-101.SCH) — 64KB
- airt-20240930_cal.xml (EX-101.CAL) — 91KB
- airt-20240930_def.xml (EX-101.DEF) — 353KB
- airt-20240930_lab.xml (EX-101.LAB) — 742KB
- airt-20240930_pre.xml (EX-101.PRE) — 545KB
- airt-20240930_htm.xml (XML) — 1473KB
Financial Statements
Financial Statements Condensed Consolidated Statements of Income (Loss) (Unaudited) For The Three and Six Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) For The Three and Six Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets as of September 30, 2024 and March 31, 2024 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows (Unaudited) For The Six Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Equity (Unaudited) For The Six Months Ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 25
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.
Controls and Procedures
Controls and Procedures 35 PART II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36
Other Information
Item 5. Other Information 37 Item 6. Exhibits 38
Signatures
Signatures 41 Exhibit Index Certifications Interactive Data Files 2
Financial Statements
Item 1. Financial Statements AIR T, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) (In thousands, except per share data) Three Months Ended September 30, Six Months Ended September 30, 2024 2023 2024 2023 Operating Revenues: Overnight air cargo $ 31,187 $ 28,197 $ 61,570 $ 55,925 Ground equipment sales 14,454 12,246 21,809 24,033 Commercial jet engines and parts 32,926 36,478 59,176 66,324 Corporate and other 2,675 2,045 5,099 4,115 81,242 78,966 147,654 150,397 Operating Expenses: Overnight air cargo 26,326 23,625 52,036 47,337 Ground equipment sales 12,395 10,553 18,929 20,891 Commercial jet engines and parts 22,582 29,962 41,493 53,240 Corporate and other 889 607 1,729 1,499 General and administrative 14,202 12,758 28,437 24,619 Depreciation and amortization 949 700 1,709 1,389 77,343 78,205 144,333 148,975 Operating Income 3,899 761 3,321 1,422 Non-operating (Expense) Income: Interest expense ( 2,162 ) ( 1,853 ) ( 4,108 ) ( 3,662 ) Income from equity method investments 2,346 748 4,269 1,439 Other ( 784 ) ( 777 ) ( 80 ) ( 136 ) ( 600 ) ( 1,882 ) 81 ( 2,359 ) Income (Loss) before income taxes 3,299 ( 1,121 ) 3,402 ( 937 ) Income Tax Expense 336 487 407 698 Net Income (Loss) 2,963 ( 1,608 ) 2,995 ( 1,635 ) Net Income Attributable to Non-controlling Interests ( 443 ) ( 1 ) ( 810 ) ( 505 ) Net Income (Loss) Attributable to Air T, Inc. Stockholders $ 2,520 $ ( 1,609 ) $ 2,185 $ ( 2,140 ) Income (Loss) per share (Note 5) Basic $ 0.91 $ ( 0.57 ) $ 0.79 $ ( 0.76 ) Diluted $ 0.91 $ ( 0.57 ) $ 0.79 $ ( 0.76 ) Weighted Average Shares Outstanding: Basic 2,760 2,820 2,760 2,820 Diluted 2,760 2,820 2,760 2,820 See notes to condensed consolidated financial statements. 3 AIR T, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended September 30, Six Months Ended September 30, (In Thousands) 2024 2023 2024 2023 Net Income