Atlas Air Worldwide Holdings, Inc. Reports
Record First-Quarter Earnings
Net Income Jumps 44% to $33.8 Million, $1.30 per Share;
Adjusted Net Income Soars 86% to $27.5 Million, $1.06 per Share
Record Results Driven by Business Transformation, Improved Demand, Tight Supply
Raising 2010 Outlook; Full-Year Adjusted Net Income Expected to Exceed $4.00 per Share
May 05, 2010 07:38 AM Eastern Daylight Time
PURCHASE, N.Y.--(EON: Enhanced Online News)--Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq:
AAWW), a leading global provider of air cargo assets and outsourced aircraft operating solutions, today announced
record first-quarter earnings that sharply exceeded previous record first-quarter earnings achieved in 2009.
Earnings for the quarter reflected strategic actions to transform the Company’s business, operating cost base, and
fleet. Earnings were also driven by a continuing improvement in airfreight demand, a tight supply environment, and
continued strength in military demand and commercial charter rates.
For the three months ended March 31, 2010, AAWW’s net income increased 44.5% to $33.8 million, or $1.30 per
diluted share, on revenues of $295.2 million and pretax earnings of $53.9 million. Record earnings for the quarter
compared with previous record first-quarter net income of $23.4 million, or $1.12 per share, on revenues of $244.5
million and pretax earnings of $38.5 million for the three months ended March 31, 2009.
Excluding one-time items, adjusted net income in the first quarter of 2010 increased 86.2% to $27.5 million, or
$1.06 per diluted share, compared with $14.8 million, or $0.71 per diluted share, in the first quarter of 2009.
Pretax earnings in the first quarter of 2010 included a gain of $1.2 million on the disposal of aircraft assets as well as
the receipt of an $8.8 million litigation settlement. Pretax earnings in the first quarter of 2009 included a $10.0 million
fee for the effective early termination of a contract as well as gains of $2.7 million on the earl