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Atlas Air Worldwide Reports First Quarter Net Income of $23.4 Million on Revenue of $644 Million

Atlas Air Worldwide reported on Thursday a first quarter net income of 23.4 million or $0.90 per diluted share on revenue of $643.5 million. In the same quarter last year, the company reported a loss of $29.7 million or ($1.15) per diluted share.

Atlas Air Boeing 747 Freighter - Courtesy Atlas Air

In an environment where airline profits are scarce, Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW) reported good news on Thursday with a first quarter net income of $23.4 million or $0.90 per share versus a loss of $29.7 million or ($1.15) in the first quarter of 2019. Adjusted EBITDA grew to $121.2 million and adjusted net income to $29.9 million on a quarterly revenue decline to $643.5 million versus $679.7 million in Q1 2019. First quarter results include an unrealized gain on outstanding warrants of $0.9 million, versus an unrealized loss on outstanding warrants of $46.6 million in the first quarter last year. In Thursday’s announcement, Atlas Air Worldwide’s Chief Executive Officer, John W. Dietrich said in part,

“After a slow start, and despite the continual and varying operational challenges and uncertainties related to COVID-19, we ended the quarter with results that exceeded our expectations. Our results reflected increased charter cargo demand and higher airfreight yields in March. They also reflect the vital role that Atlas plays in supporting the global economy and our customers by keeping goods moving. From parts and components used in manufacturing processes to finished products, food, pharmaceuticals, supplies and other cargo, businesses and individuals count on Atlas. And, we are grateful to be able to provide relief to businesses and communities in the fight against COVID-19. In addition to our commercial operations, we donated services to transport critical personal protective equipment and other necessary supplies to affected areas. We have also made several charitable contributions to organizations that help those in need. The strong demand for freight has carried into the second quarter. To meet demand, we reactivated three of our 747 converted freighters that had been parked, and began operating a 777F that was previously in our dry-leasing business.

Mr. Dietrich further explained that the company is taking measures to reduce costs and enhance liquidity including the reduction of discretionary spending, limiting hiring and selling non-essential assets. During the second quarter, the company expects to fly 80,000 block hours, generating revenues of approximately $770 million and an adjusted EBITDA of around $165 million. The carrier expects adjusted net income to increase 40-50 percent in the second quarter versus Q1. As of March 31, 2020, Atlas has $235.6 million in cash, cash equivalents and short-term investments compared to $114.3 million at the close of the fourth quarter of 2019. During the quarter, Atlas drew down $75 million from their revolving credit facility, leaving an availability of $19.8 million at the end of the first quarter.

Purchase, New York-based Atlas Air Worldwide Holdings, Inc. 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, 757, and 737 aircraft for both cargo and passenger operations. In trading Thursday afternoon, shares in Atlas Air Worldwide Holdings’ Inc. (NASDAQ: AAWW) were up 6.87% to $37.94/share (1:59 PM EDT).

Source: Atlas Air


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