Company: AIRTP
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0000353184-25-000009
Chunk: 2

Company: AIR T INC
Filing Date: 2025-02-12
Form: 10-Q
Item: Item 2
Chunk 2
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, which manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers;

•Commercial aircraft, engines and parts, which manages and leases aviation assets; supplies surplus and aftermarket commercial jet engine components; provides commercial aircraft disassembly/part-out services; commercial aircraft parts sales; procurement services and overhaul and repair services to airlines and,

•Corporate and other, which acts as the capital allocator and resource for other consolidated businesses. Further, Corporate and other also comprises insignificant businesses and business interests.

Each business segment has separate management teams and infrastructures that offer different products and services. We evaluate the performance of our business segments based on operating income and Adjusted EBITDA. 

Results of Operations

Third Quarter Fiscal 2025 Compared to Third Quarter Fiscal 2024

Consolidated revenue for the three-month period ended December 31, 2024 increased by $14.1 million (22.2%) compared to the same quarter in the prior fiscal year.

Following is a table detailing revenue by segment, net of intercompany during the three months ended December 31, 2024 compared to the same quarter in the prior fiscal year (in thousands):

Three Months EndedDecember 31,Change20242023Overnight Air Cargo$30,592 $29,018 $1,574 5.4 %Ground Equipment Sales11,846 8,441 3,405 40.3 %Commercial Jet Engines and Parts32,688 24,139 8,549 35.4 %Corporate and Other2,754 2,158 596 27.6 %$77,880 $63,756 $14,124 22.2 %

Revenues from the overnight air cargo segment for the three-month period ended December 31, 2024 increased by $1.6 million (5.4%) compared to the third quarter of the prior fiscal year. The increase was principally attributable to higher administrative fees and pass through revenue due to a larger fleet consisting of 105 aircraft as of December 31, 2024 compared to 85 aircraft as of December 31, 2023.

The ground equipment sales segment contributed approximately $11.8 million and $8.4 million to the Company’s revenues for the three-month period ended December 31, 2024 and 2023 respectively, representing a $3.4 million (40.3%) increase in the current quarter. The increase was