Here a quick update for those who were not able to follow today’s investor call following the Q3 financial results.

ATSG, Omni’s parent company, is doing really well. The reason is that the cargo operation (ABX, ATI) is generating massive revenue and profit growth. This will continue in the next years, as the cargo fleets will expand further with more 767s to come. Long term contracts (including with Amazon) are already signed and rates are up.

Omni, on the other hand, is suffering from the pandemic. Commercial flying in the third quarter was down by 80% (compared to last year, based on block hours), and the fourth quarter looks even worse. The fourth quarter is traditionally weak for Omni anyway, but now it looks like there could actually be zero additional revenue from commercial operation until the end of this year.

There is some hope that maybe Omni’s situation improves sometime next year, but it's uncertain.

There was no mentioning of layoffs or furloughs, but it seems obviously that Omni is currently overstaffed on the crew side.
Although it was not mentioned explicitly, it is safe to assume that there will not be any new pilot training for quite some time. Just my two cents…