Atlas Air Worldwide Holdings reports 2Q earnings of $32.7 million

Atlas Air Worldwide Holdings (New York-JFK) for the three months ended June 30, 2010, AAWW’s net income increased 188% to $32.7 million, or $1.25 per diluted share, on revenues of $356.2 million and pretax earnings of $61.7 million. Solid operating and financial results for the quarter compared with net income of $11.3 million, or $0.54 per share, on revenues of $240.0 million and pretax earnings of $17.8 million for the three months ended June 30, 2009.

Excluding one-time items, adjusted net income in the second quarter of 2010 increased 319% to $47.5 million, or $1.82 per share, compared with $11.3 million, or $0.54 per share, in the second quarter of 2009. Pretax earnings in the second quarter of 2010 included a net expense of $16.2 million for anticipated legal settlements, as well as a $2.2 million gain on disposal of aircraft assets. There were no one-time items in the second quarter of 2009.

Copyright Photo: Michael B. Ing. Atlas Air’s Boeing 747-2D7B (SF) N522MC (msn 21783) climbs majestically at Anchorage.