- Joe Breitfeller
Atlas Air Reports First Quarter Net Income of $81.5 Million on 16% Revenue Increase to $1.0 Billion
Atlas Air Worldwide has reported first quarter net income of $81.5 million or $2.38 per diluted share on a 16 percent year-over-year increase in revenue to $1.0 billion. The company’s first quarter adjusted net income was $88.8 million or $2.99 per diluted share.
On Thursday (May 5, 2022), Atlas Air Worldwide reported their first quarter financial results for the period ending March 31, 2022. The company reported first quarter net income of $81.5 million or $2.38 per diluted share and an adjusted net income of $88.8 million or $2.99 per diluted share. Atlas Air’s first quarter revenue increased year-over-year by 16 percent to $1.0 billion, compared to $861.3 million during the same period last year. For the first quarter, the company’s adjusted EBITDA totaled $202.8 million versus $181.3 million during Q1 2021. At March 31, 2022, Atlas Air had cash, cash equivalents and restricted cash of $740.9 million compared to $921.0 million at the close of the fourth quarter 2021.
In Thursday’s announcement, Atlas Air Worldwide’s President and Chief Executive Officer, John W. Dietrich, said,
“We are off to an excellent start in 2022. We delivered strong earnings, despite the pandemic-related operational challenges we continue to navigate. I would like to thank the entire Atlas team for their ongoing commitment to deliver this great performance. Atlas continues to demonstrate the value of airfreight as a vital component of the global supply chain. We are seeing a sustaining shift in long-term customer demand for Atlas’ dedicated aircraft, and the speed and reliability airfreight provides. During the first quarter, our customers continued to enter and enhance long-term contracts with Atlas for dedicated freighter capacity.
“We are expanding and diversifying our customer base, and increasing flying under long-term contracts with attractive rates and guaranteed levels of flying. To meet customer demand, we are also investing in our world-class fleet by adding four new 747-8F and four new 777 freighter aircraft. All four of our new 747-8Fs have been placed with customers under long-term contracts, and we have strong interest for the new 777Fs as well.”
Purchase, New York-based Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW) is a leading global provider of third-party aircraft and aviation operating services. Company subsidiaries include Atlas Air, Southern Air Holdings and Titan Aviation Holdings. Additionally, the company owns a majority stake in Polar Air Cargo Worldwide. Together, the Atlas Air family of companies operate the world’s largest Boeing 747 freighter fleet. The company also offers their customers a wide selection of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.
Source: Atlas Air Worldwide