Air Transport Services Group Inc (ATSG)

Air Transport Services Group Inc. (ATSG) dropped by 22.86% from $20.25 to $15.62 in the trading on Tuesday November 7, 2023. The reasons why ATSG stock down today include:

• Missing quarterly earnings: Air Transport earned $0.32 per share in the quarter on revenue of $523 million compared to Wall Street expectations for $0.49 per share in earnings on sales of $528 million. According to management, it is due to the passenger airline operations experiencing service-related issues that drove significant unplanned travel and flight crew costs.
• Leadership transition: The company has announced that Joe Hete, the current chairman of the board who served as CEO for 17 years, would return as chief executive. Hete succeeds Rich Corrado, who was named CEO in May 2020.