Atlas Air Worldwide Reports Second Quarter Net Income of $107 Million or $3.53 per Diluted Share
Atlas Air Worldwide has reported a second quarter net income of $107 million or $3.53 per diluted share on revenue of $990 million. On June 30, 2021, the company had cash, cash equivalents and restricted cash of $761 million.
On Thursday (August 5, 2021), Atlas Air Worldwide reported their second quarter financial results for the period ending June 30, 2021. The company reported a second quarter net income of $107 million or $3.53 per share, and an adjusted net income of $122 million or $4.10 per diluted share, on revenue of $990 million. Atlas Air’s adjusted second quarter EBITDA totaled $244 million, compared to $247 million during the same period last year. On June 30, 2021, the company had cash, cash equivalents and restricted cash totaling $761 million versus $856 million on December 31, 2021.
In Thursday’s announcement, Atlas Air Worldwide’s President and Chief Executive Officer, John W. Dietrich, said,
“Our strong performance continued in the second quarter, with revenue and earnings exceeding our already high expectations. These positive results were driven by our team executing our strategy, increasing the utilization of our aircraft and delivering safe, high-quality service for our customers. Our performance continued to benefit from operating the four 747 freighters and one 777 freighter we reintroduced to our fleet throughout 2020. This capacity, along with a tremendous team effort, contributed to our ability to enter into and extend long-term agreements with strategic customers, as well as to capitalize on lucrative short-term opportunities in the strong global airfreight market.
“Economic and supply chain conditions remain favorable for air cargo and our dedicated freighters. These include global airfreight volumes exceeding pre-pandemic levels, an acceleration of e-commerce and express growth, low inventory levels, positive Purchasing Managers’ Index readings, as well as congestion, long lead times and elevated pricing for ocean freight. Demand also continues to exceed available supply, particularly on long-haul international routes, as belly capacity on a significant number of widebody passenger aircraft remains out of the market.”
“I would like to thank all our employees for safely supporting our customers and the global supply chain during this time of continued need. While the operating environment remains challenging due to the ongoing pandemic, the market dynamics we are seeing in the third quarter remain strong. As a result, we expect revenue of nearly $1.0 billion and adjusted EBITDA of about $250 million from flying more than 90,000 block hours in the third quarter of 2021. In addition, we anticipate adjusted net income to grow approximately 50% compared with adjusted net income of $82.7 million in the third quarter of 2020.
“Given ongoing economic and market-related uncertainties, including COVID-19 and the Delta variant, as well as travel restrictions, low international passenger travel and other factors, we are providing a third-quarter outlook, but not issuing a further outlook at this time.”
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 (8/5/21), shares in Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW) were 4.13% higher at $71.11/share (10:08 AM EDT).
Source: Atlas Air Worldwide