Atlas Air Worldwide reports second-quarter earnings

It also reaffirmed its full-year adjusted diluted earnings per share outlook of approximately $4.80.


Atlas Air B747-8 B777


Atlas Air Worldwide Holdings has announced second-quarter 2013 diluted earnings per share in line with expectations presented at the company’s investor-analyst day on May 30 and reaffirmed its full-year adjusted diluted earnings per share outlook of approximately $4.80.

For the three months ended June 30, 2013, adjusted net income attributable to common stockholders totaled $20.4 million, or $0.79 per diluted share, compared with $31.2 million, or $1.18 per diluted share, for the three months ended June 30, 2012.

On a reported basis, second-quarter 2013 net income attributable to common stockholders totaled $20.1 million, or $0.78 per diluted share, compared with $30.9 million, or $1.16 per diluted share, in the second quarter of 2012.

Free cash flow increased to $64.6 million in the second quarter of 2013 from $54.2 million in the second quarter of 2012.

“Earnings in the second quarter of 2013 were driven by the strength of our ACMI operations, especially our new B747-8 freighters,” said William J. Flynn, President and CEO.

“Our diversified business mix, with our expanding 767 service, growing CMI operations and ongoing continuous improvement initiatives, enabled us to perform well in a quarter that was challenged by lower AMC Charter demand and softer AMC and Commercial Charter rates.  Reflecting our commitment to enhance shareholder value, we acquired an additional 2.3% of our outstanding common stock through our share repurchase program from May through July. Combined with the shares that we bought through the end of April, we have repurchased approximately 5.7% of our shares so far this year.  In addition, we are executing a strategic plan that leverages our core competencies. In July, we acquired our second and third B777 freighters for our Dry Leasing business. Each of our B777s was acquired with a long-term customer lease in place with a leading operator in the airfreight industry. These investments enhance our position in an attractive aircraft type, and they generate predictable, long-term revenue and earnings streams,” he continued.