Saturday, November 3, 2012

Atlas Air reports profit despite weak air cargo market

Atlas Air Worldwide Holdings (AAWH), parent of Atlas Air and Polar Air Cargo, posted third-quarter net income of $33.9 million, up 20.2% over a net profit of $28.2 million in the prior-year period. Revenue rose 13% year-over-year to $409.3 million.

President and CEO William Flynn said the company achieved strong results even as the overall air cargo market has “underperformed expectations this year.” He said AAWH expects “strong, double-digit earnings growth” for the full year, though not as robust as previously anticipated “given the relative underperformance of the airfreight market to date this year and the softer-than-expected peak season that is materializing.”

AAWH earned $62.3 million in operating income in the third quarter, up 43.2% year-over-year. Block hrs. flown in its core ACMI business rose 7.7% to 28,451 and revenue per ACMI block hr. increased 1% to $6,247.

(Aaron Karp - ATWOnline News)

1 comment:

Aircraft Test Equipment said...

Earning a whopping $33.9 million over the net profit for the prior-year period only proves that the airline is doing better this year. Congratulations AAWH!