Kitty Hawk Posts 1Q Loss

Air cargo transporter Kitty Hawk Inc. said it lost $11.6 million or 22 cents a share in the first quarter, compared with a loss of $8.7 million or 17 cents a year ago.

Revenue rose 4.7% to $42 million, the company said late Tuesday.

Revenue from expedited ground freight products more than doubled from the previous first quarter, reflecting the acquisition of Air Container Transport last June. That offset a 20.8% decline in expedited air freight revenue.

“Our first quarter results reflect the industry-wide slowdown, as our customers in a variety of industries face weak demand for their own products,” Kitty Hawk Chairman Mel Keating  said in a statement.