Cargo and charter airline Air Transport Services Group (NASDAQ: ATSG) missed on quarterly earnings and announced its former CEO is returning to the cockpit. Investors are heading for the emergency exits, sending shares of Air Transport Services down 25% as of 10:30 a.m. ET.

Air Transport Services provides aircraft leasing and cargo services via a fleet of aircraft including the world's largest 767 freighter fleet. The company came close to hitting analyst expectations for revenue in the quarter, but profitability took a dive due to "macro and operational pressures."

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. The quarter started on track, according to management, but in September "our passenger airline operations experienced service-related issues that drove significant unplanned travel and flight crew costs."

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Source Fool.com