Atlas Air reports 48% rise in Q2 net profit
Atlas Air Worldwide Holdings posted second-quarter net income of US$29.6 million, up 47.5 per cent from the $20 million net profit reported in the yearago quarter.
September 1, 2014
Atlas Air Worldwide Holdings posted second-quarter net income of US$29.6 million, up 47.5 per cent from the $20 million net profit reported in the yearago quarter. Atlas Air Worldwide is parent company to Atlas Air and Titan Aviation Leasing, and majority owner of Polar Air Cargo.
“We are off to a good start in 2014. Airfreight demand is improving, and we are encouraged about our full-year outlook,” William J. Flynn, president and CEO, said. For the first half of 2014, adjusted net income totaled $27.3 million compared with $26.3 million in the first half of 2013.
“Atlas is an entrepreneurial company. Our second-quarter results illustrate the positive contributions being generated by the investments we’ve made and the initiatives we’ve undertaken. In the face of an uncertain airfreight market and an anticipated decline in military cargo demand, we have diversified our business mix and are driving business resilience.”
“Results within our ACMI segment are benefiting from modern 747-8 freighters,” Flynn said. “In Dry Leasing, the investments we’ve made since early 2013 in attractive 777 freighters on long-term leases with strong customers are driving a significant increase in contribution from highly predictable revenue and earnings streams.”
Profitability in Atlas Air’s ACMI business reflected an increase in B747- 8F revenue, but revenues were affected by a decline in block-hour volumes related to the return of three 747-8Fs from IAG Cargo in April and early May. This decline was partially offset by the placement of two of the -8Fs with DHL Express in May, the start-up of ACMI -8F flying for BST Logistics in February 2014 and Etihad in May 2013, as well as the start-up of ACMI 747-400 flying for Astral Aviation in September 2013.