AMERICAS: Atlas eying record year after strong Q3

Atlas Air Worldwide Holdings looks set for a record year after third-quarter net income increased by 130 per cent to US$33.8 million. Atlas said the higher earnings reflected strong commercial air freight demand, tight supply of wide-body, long-haul freighter aircraft, continued high wet-lease business and a significant increase in charter volumes and rates. For the […]


Atlas Air Worldwide Holdings looks set for a record year after third-quarter net income increased by 130 per cent to US$33.8 million. Atlas said the higher earnings reflected strong commercial air freight demand, tight supply of wide-body, long-haul freighter aircraft, continued high wet-lease business and a significant increase in charter volumes and rates. For the nine months ended 30 September, Atlas recorded net income of $100 million, compared with $49.4 million in 2009. “Our third-quarter results and our outlook for a record full-year reflect the strategic actions we have taken to transform our business, reduce our commercial and operational risk, increase sustainable core earnings and improve the quality of our cash flow,” said William Flynn, president and CEO. “Shipments of hi-tech products, pharmaceuticals and automotive parts used in global manufacturing, as well as inventory replenishment and just-intime inventory management practices by manufacturers and retailers, are contributing to the strength in demand for air freight. “In addition, as we have noted previously, tight supply in the wide-body, long-haul, heavy-freighter space has contributed to a significant improvement in rates,” he added.