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  • Joe Breitfeller

Atlas Air Worldwide Reports Second Quarter Net Income of $78.9 Million or $3.01 per Diluted Share

Atlas Air Worldwide reported their second quarter financial results on Thursday with a net income of $78.9 million or $3.01 per diluted share versus $86.9 million or $1.61 per share during the second quarter of 2019.


Atlas Air Boeing 747-400BCF - Courtesy Atlas Air Worldwide

On Thursday (August 6, 2020) Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW) reported a second quarter adjusted EBITDA of $247 million, an adjusted net income of $123.2 million or $4.71 per diluted share, and a net income of $78.9 million or $3.02 per diluted share. During the same period in 2019, the carrier reported a net income of $86.9 million or $1.61 per diluted share. The carrier’s freight volumes in the second quarter increased to 84,966 block hours compared to 80,282 during Q2 2019, while revenue increased to $825.3 million compared to $663.9 in the same period last year. In Today’s announcement, Atlas Air Worldwide’s Chief Executive officer, John W. Dietrich, said in part,


“Revenue and earnings in the second quarter continued to exceed our expectations. The positive results were primarily driven by the team capitalizing on strong demand and higher yields in our commercial charter and South America businesses. We also continued to provide the U.S. military with essential services and our ACMI [Aircraft, Crew, Maintenance, Insurance] customers flew well above their minimum guarantees. We continue to execute on very favorable business opportunities in a challenging operating environment, with the safety of our employees as a top priority. We leveraged the scale of our world-class fleet, the scope of our global operations and the flexibility of our business model to capitalize on market dynamics.


“To serve this increased demand, we reactivated three of our 747-400 converted freighters and operationalized a 777 freighter from our Dry Leasing business. This enabled us to serve the strong and profitable shorter-term demand, while also entering into numerous new long-term charter programs at attractive yields. We expanded our long-term charter business to include new agreements with manufacturers such as HP Inc., and large freight forwarders like DHL Global forwarding, APEX logistics, DB Schenker, Flexport and Geodis, all that wanted to secure committed capacity from us…”


As of June 30, 2020, Atlas Air Worldwide had $739.2 million in cash, cash equivalents, restricted cash and short-term investments of $739.2 million, versus $114,3 million at the close of 2019. The increase in liquidity is largely attributable to improved operating activities and funds received under the U.S. Cares Act Payroll Support Program (PSP). For the full year, Atlas anticipates revenue of just over $3 billion and an adjusted EBITDA of approximately $750 million, with around 50 percent of adjusted income expected to occur during H2.


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 2.75% lower at $56.16/share (1:41 PM EDT).


Source: Atlas Air Worldwide