ATLAS Air Worldwide Holdings (AAWH) announced increased revenues and earnings for the third quarter of 2010, reflecting improving commercial airfreight demand; better supply of wide-body, long-haul freighter aircraft; continued high ACMI aircraft utilisation; and an increase in commercial charter volumes and rates.
The company revealed its net income rose 130 per cent to US$33.8 million on revenues of $326.7 million and pre-tax earnings of $55.2 million. Solid operating and financial results for the quarter compared with net income of $14.7 million on revenues of $255.5 million and pre-tax earnings of $21.7 million for the same period last year.
This takes AAWH’s year-to-date net income to $100.3 million, on revenues of $978.1 million and pre-tax earnings of $170.8 million, compared with $49.4 million, $740.0 million and $78.0 million respectively last year.
“We expect 2010 to be a record year for the company and for commercial airfreight demand,” said William Flynn, chief executive officer of AAWH. “Our third-quarter results and our outlook for a record full year reflect the strategic actions we have taken to transform our business, reduce our commercial and operational risk, increase sustainable core earnings, and improve the quality of our cash flows.
“They also highlight our leading industry position, our global business focus and customer base, our innovative customer solutions, and our ability to leverage the global scale and scope of our business to quickly capitalise on changing market demand.”
