- Joe Breitfeller
Atlas Air Worldwide Reports Fourth Quarter Net Profit of $126 Million or $3.70 per Diluted Share
Updated: 4 days ago
Atlas Air has reported a Q4 net profit of $126 million or $3.70 per diluted share on a year-over-year increase in revenue to $1.16 billion, up from $1.16 billion in Q4 2021. At December 31, 2022, the company had cash, cash equivalents and restricted cash of $773.9 million.
On Thursday (February 23, 2023) Atlas Air Worldwide reported their fourth quarter and full year financial results for the period ending December 31, 2022. The carrier reported a fourth quarter net profit of $126 million or $3.70 per diluted share on a year-over-year increase in revenue to $1.21 billion, up from $1.16 billion in Q4 2022. For the full year, Atlas reported a net profit of $355.9 million or $10.53 per diluted share on a revenue increase to $4.5 billion, up from $4.0 billion in 2021. At December 31, 2022, Atlas Air Worldwide had cash, cash equivalents and restricted cash totaling $773.9 million, down from $921.0 million at year-end 2021.
In Thursday’s announcment, Atlas Air Worldwide’s President and Chie Executive Officer, John W. Dietrich, said,
“2022 was one of the best years in Atlas’ history, and we are pleased that we placed all eight of our new and incoming aircraft under long-term contracts. All four new 747-8Fs and the first of four 777Fs have been delivered and are operating for strategic customers under attractive long-term agreements. In January, we took delivery of the final 747 ever to be produced by Boeing during an historic ceremony. Although the celebration marked the end of the 54-year production run for the ‘Queen of the Skies,’ it is only the beginning for this aircraft, which will serve the airfreight market for decades to come.
“Atlas began over 30 years ago with a single 747-200 freighter and since then, we became, and still are, the world’s largest operator of 747 freighters. Our company’s history and success are directly linked to the 747 platform, and it is fitting that we took delivery of the final four of these iconic aircraft. I also want to thank the Atlas team for their continued efforts to deliver safe and reliable service to our customers throughout 2022.”
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. On August 4, 2022, Atlas Air Worldwide entered into a definitive agreement to be acquired by an investment group led by funds managed by affiliates of Apollo Global Management, along with investment affiliates of J.F. Lehman & Company and Hill City Capital. The transaction is expected to close in Q1 2023.
Source: Atlas Air Worldwide