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  • Joe Breitfeller

Atlas Air Reports Second Quarter Net Profit of $88.3 Million; Company to be Acquired by Apollo

Atlas Air Worldwide has reported a second quarter net profit of $88.2 million or $2.65 per diluted share on an increase in revenue to $1.2 billion. In a separate press release, Atlas announced it would be acquired by a group led by Apollo for $5.2 billion in cash.

Atlas Air Reports Second Quarter 2022 Financial Results; Company to be Acquired by Investor Group Led by Apollo for $5.2 Billion in Cash - Courtesy Atlas Air Worldwide

On Thursday (August 4, 2022), Atlas Air Worldwide Holdings, Inc. announced their second quarter financial results for the period ending June 30, 2022. The company reported a second quarter net profit of $88.3 million or $2.65 per diluted share, compared to net income of $107.1 million or $3.53 per diluted share in the second quarter of 2021. Atlas Air’s second quarter revenue increased to $1.2 billion compared to $990.4 million during the same period last year. The company’s second quarter volumes totaled 83,922 block hours, versus 93,190 in the second quarter of 2021. For the first half of the year (H1) Atlas Air reported a net income of $169.8 million or $5.03 per diluted share, compared to a net income of $197.0 million or $6.59 in H1 2021. At June 30, 2022, the company’s cash, cash equivalents and restricted cash totaled $616.9 million, down from $921.0 million at December 31, 2021.

In Thursday’s announcement, Atlas Air Worldwide’s President and Chief Executive Officer, John W. Dietrich, said,

“We delivered second-quarter results in line with our expectations. Through the first half of the year, global airfreight volumes exceeded pre-pandemic levels, while capacity remains constrained, particularly on key long-haul cargo trade lanes.”

During the second quarter, Atlas took delivery of the first of four new Boeing 747-8F Freighters, with the remaining three to be delivered by the end of 2022. As previously announced in February 2022, all four aircraft have been placed with customers under attractive long-term agreements. The company also expects deliveries and placements of four new Boeing 777-200LRFs, one of which will be delivered in Q4 2022, and the remainder throughout 2023. Additionally, Atlas is purchasing five of their existing 747-400Fs at the end of their leases throughout this year, with two already acquired in March and May, and the other three to be acquired between August and December 2022.

In a separate press release on Thursday (August 4, 2022), Atlas Air Worldwide Holdings, Inc. announced that they have entered into a definitive agreement to be acquired by an investor group led by funds managed by affiliates of Apollo (NYSE: APO) together with investment affiliates of J.F. Lehman & Company and Hill City Capital in an all-cash transaction with an enterprise value of approximately $5.2 billion. Under the agreement Atlas Air Worldwide shareholders will receive $102.50 per share in cash, a 57 percent premium to the 30-day volume-weighted trading price per share as of July 29, 2022. The company will no longer be listed on the NASDAQ and will continue to operate under the Atlas Air Worldwide name led by John Dietrich and the current executive team. The transaction is expected to close in Q4 2022 or Q1 2023.

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.

In trading Thursday morning (August 4, 2022), shares in Atlas Air Worldwide (NASDAQ: AAWW) were up 2.91% to $99.60/share (9:44 AM EDT).

Source: Atlas Air Worldwide