UPDATE: Dahlman Rose Maintains Air Transport Services at Hold, 4Q12 Earnings Exceed Expectations

In a report published Tuesday, Dahlman Rose maintained its Hold rating on Air Transport Services' (Nasdaq: ATSG) after the company's Q4 earnings report.

Dahlman Rose & Co. reported that, "ATSG reported 4Q12 net income of $12.2 million, down by 1.3% from last year's $13.5 million, on revenues of $154.6 million, down by 11.9% in 2011. We were expecting the decline in revenues, but overestimated costs, which drove the positive surprise relative to our expectations. EPS was $0.19 vs $0.21 in 4Q11. ATSG ended 2012 with $15.4 million in cash on the balance sheet and positive working capital of $5 million. Long-term debt was $343 million, and shareholders' equity improved to $299.3 million."

Air Transport Services' shares closed at $5.46 on Monday.