Air T Inc. Files 10-Q for Period Ending Dec 31, 2024
Ticker: AIRTP · Form: 10-Q · Filed: Feb 12, 2025 · CIK: 353184
Sentiment: neutral
Topics: 10-Q, financials, air-cargo, equipment-sales
TL;DR
AIRT 10-Q filed: Financials for Q3 2024 out. Cargo & equipment sales segments detailed.
AI Summary
Air T Inc. filed its 10-Q for the period ending December 31, 2024. The company reported its financial performance across its Overnight Air Cargo and Ground Equipment Sales segments. Key financial details and operational updates for the quarter and year-to-date are provided in this filing.
Why It Matters
This filing provides investors and stakeholders with a detailed look at Air T Inc.'s financial health and operational performance during the specified period, crucial for investment decisions.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information and operational updates that could reveal risks or opportunities affecting the company's stock.
Key Numbers
- 7.5 — Shares (Indicates share information is present in the filing.)
Key Players & Entities
- AIR T INC (company) — Filer of the 10-Q
- 2024-12-31 (date) — End of the reporting period
- Overnight Air Cargo Segment (company) — Business segment
- Ground Equipment Sales Segment (company) — Business segment
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the period ending December 31, 2024.
What are the main business segments of Air T Inc. mentioned in the filing?
The main business segments mentioned are the Overnight Air Cargo Segment and the Ground Equipment Sales Segment.
When was this 10-Q filed?
This 10-Q was filed on February 12, 2025.
What is the fiscal year end for Air T Inc.?
The fiscal year end for Air T Inc. is March 31.
What is the company's SIC code?
The company's Standard Industrial Classification (SIC) code is 4513 for Air Courier Services.
Filing Stats: 4,918 words · 20 min read · ~16 pages · Grade level 17.7 · Accepted 2025-02-12 16:30:47
Filing Documents
- airt-20241231.htm (10-Q) — 1727KB
- airt-20241231xex221.htm (EX-22.1) — 3KB
- airt-20241231xex311.htm (EX-31.1) — 9KB
- airt-20241231xex312.htm (EX-31.2) — 9KB
- airt-20241231xex321.htm (EX-32.1) — 6KB
- 0000353184-25-000009.txt ( ) — 9646KB
- airt-20241231.xsd (EX-101.SCH) — 65KB
- airt-20241231_cal.xml (EX-101.CAL) — 93KB
- airt-20241231_def.xml (EX-101.DEF) — 353KB
- airt-20241231_lab.xml (EX-101.LAB) — 745KB
- airt-20241231_pre.xml (EX-101.PRE) — 548KB
- airt-20241231_htm.xml (XML) — 1586KB
Financial Statements
Financial Statements Condensed Consolidated Statements of Income (Loss) (Unaudited) For The Three and Nine Months Ended December 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) For The Three and Nine Months Ended December 31, 2024 and 2023 4 Condensed Consolidated Balance Sheets as of December 31, 2024 and March 31, 2024 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows (Unaudited) For The Nine Months Ended December 31, 2024 and 2023 6 Condensed Consolidated Statements of Equity (Unaudited) For The Nine Months Ended December 31, 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 26
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.
Controls and Procedures
Controls and Procedures 38 PART II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39
Other Information
Item 5. Other Information 40 Item 6. Exhibits 41
Signatures
Signatures 42 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 December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Operating Revenues: Overnight air cargo $ 30,592 $ 29,018 $ 92,162 $ 84,944 Ground equipment sales 11,846 8,441 33,655 32,474 Commercial jet engines and parts 32,688 24,139 91,865 90,463 Corporate and other 2,754 2,158 7,853 6,273 77,880 63,756 225,535 214,154 Operating Expenses: Overnight air cargo 25,625 24,504 77,661 71,841 Ground equipment sales 10,252 6,964 29,181 27,854 Commercial jet engines and parts 23,685 19,322 65,177 72,562 Corporate and other 993 603 2,724 2,102 General and administrative 14,181 13,272 42,617 37,896 Depreciation and amortization 1,328 699 3,038 2,088 76,064 65,364 220,398 214,343 Operating Income (Loss) 1,816 ( 1,608 ) 5,137 ( 189 ) Non-operating (Expense) Income: Interest expense ( 2,561 ) ( 1,528 ) ( 6,670 ) ( 5,189 ) Income from equity method investments 661 1,038 4,930 2,477 Other ( 812 ) 142 ( 892 ) 8 ( 2,712 ) ( 348 ) ( 2,632 ) ( 2,704 ) (Loss) Income before income taxes ( 896 ) ( 1,956 ) 2,505 ( 2,893 ) Income Tax Expense 347 153 754 851 Net (Loss) Income ( 1,243 ) ( 2,109 ) 1,751 ( 3,744 ) Net Income Attributable to Non-controlling Interests ( 54 ) ( 870 ) ( 863 ) ( 1,375 ) Net (Loss) Income Attributable to Air T, Inc. Stockholders $ ( 1,297 ) $ ( 2,979 ) $ 888 $ ( 5,119 ) (Loss) Income per share (Note 5) Basic $ ( 0.47 ) $ ( 1.06 ) $ 0.32 $ ( 1.82 ) Diluted $ ( 0.47 ) $ ( 1.06 ) $ 0.32 $ ( 1.82 ) Weighted Average Shares Outstanding: Basic 2,756 2,822 2,755 2,820 Diluted 2,756 2,822 2,755 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 December 31, Nine Months Ended December 31, (In Thousands)