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  • Joe Breitfeller

Atlas Air Worldwide Reports Third Quarter Net Income of $60.1 Million or $1.79 per Diluted Share

Atlas Air Worldwide has reported a third quarter net profit of $60.1 million or $1.79 per diluted share on a year-over-year increase in revenue of 10 percent to $1.1 Billion. At September 30, 2022, the carrier had cash and cash equivalents totaling $476 million.


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

On Thursday (November 3, 2022), Atlas Air Worldwide reported their third quarter financial results for the period ending September 30, 2022. The carrier reported a third quarter net income of $60.1 million or $1.79 per diluted share compared to a net income of $119.5 million or $3.91 per diluted share during the same period last year. On an adjusted basis, Atlas reported a third quarter EBITDA of $194 million versus $280.5 million during Q3 2021, and an adjusted net income of $78.8 million or $2.69 per diluted share, versus $145.4 million or $4.88 per diluted share during the third quarter of 2021. At September 30, 2022, Atlas Air Worldwide had cash and cash equivalents totaling $476 million, down from $921 million at December 31, 2021.


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


“We continued to see strong demand for our services during the third quarter. We were also pleased to announce a long-term ACMI (aircraft, crew, maintenance and insurance) agreement under which all four of our new and incoming 777-200 freighters are placed with MSC Mediterranean Shipping Company SA. Notwithstanding this strong demand, our third-quarter performance was impacted by operational disruptions related to an increase in COVID-19 cases, particularly in July and August, as well as the effects of Hurricane Ian at the end of the quarter. I would like to thank our Atlas team for working together through these challenges on behalf of our customers.”


As previously announced on August 4, 2022, Atlas Air Worldwide will be acquired by an investor group led by funds managed by affiliates of Apollo Global Management, Inc., along with investment affiliates of J.F. Lehman & Company, LLC and Hill City Capital LP. The transaction is expected to close in the fourth quarter of 2022 or the first quarter of 2023.


Atlas took delivery of two of four new Boeing 747-8F Freighters in May and October 2022, and anticipates the remaining two will be delivered during Q4 2022. All aircraft have already been placed with customers under long-term agreements. Additionally, as announced in September 2022, all four of the company’s new and incoming Boeing 777-200LRFs have been placed with MSC under a long-term ACMI contract. Atlas Air is also purchasing five of their existing Boeing 747-400Fs at lease expiration, three of which were already acquired between March and August 2022. The company expects to acquire the other two during the fourth quarter of 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.


In trading Thursday morning (November 3, 2022), shares in Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW) were down 0.89% to $100.00/share (9:47 AM EDT).



Source: Atlas Air Worldwide