MINNEAPOLIS - Air T, Inc. (NASDAQ:AIRT), a diversified portfolio of logistics and aviation businesses, announced today that Chief Financial Officer Brian Ochocki will be leaving the company effective around September 3, 2024. Ochocki, who has been with Air T for five years, is taking on the CFO role at a different local company he holds in high regard.
During his tenure, Ochocki played a pivotal role in navigating the company through the challenging pandemic period, enhancing the finance and accounting operations, and executing numerous financing and mergers and acquisitions transactions. Nick Swenson, Chairman and CEO of Air T, acknowledged Ochocki's significant contributions to the company's growth and success, expressing personal regret over his departure.
The company has begun the process of searching for Ochocki's successor to continue building upon the strong foundation he established. In the interim, Tracy Kennedy, the current Chief Accounting Officer, who has been with Air T for over six years, will manage the financial operations.
Air T, Inc., established in 1980, operates in several core segments, including overnight air cargo, ground equipment sales, commercial jet engines and parts, and other corporate endeavors. The company aims to enhance and diversify its after-tax cash flow per share and drive growth across its businesses.
InvestingPro Insights
As Air T, Inc. (NASDAQ:AIRT) navigates a transition in its financial leadership, investors and stakeholders may find it valuable to consider some key financial metrics and insights provided by InvestingPro. Despite the departure of CFO Brian Ochocki, the company's financial health and market performance can offer a glimpse into its potential trajectory.
One notable InvestingPro Tip for Air T is the company's high shareholder yield, which suggests that the company has been effective in returning value to its shareholders. Additionally, Air T's valuation implies a strong free cash flow yield, indicating that the company is generating a good amount of cash relative to its share price.
From a data perspective, Air T's market capitalization stands at approximately $61.96 million, reflecting its size within the market. The company has experienced a revenue growth of nearly 16% over the last twelve months as of Q4 2024, demonstrating its ability to expand its top-line earnings. However, it is important to note that the company is not currently profitable, with a negative P/E ratio of -9.55, which may raise concerns about its near-term earnings potential.
Investors should also be aware of the company's significant price uptick over the last six months, which could be indicative of positive market sentiment or specific events that have favorably impacted the stock price. For those interested in further analysis and additional InvestingPro Tips, there are more insights available at https://www.investing.com/pro/AIRT, which can provide a more comprehensive view of Air T's financial landscape.
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