Atlas Air Worldwide Holdings reports first quarter net income of $10.5 million

Atlas Air Worldwide Holdings, Inc. (AAWW) (New York) today announced earnings for the first quarter of 2011 and reaffirmed guidance for full-year earnings in excess of $5.30 per share.

Net income attributable to common stockholders for the three months ended March 31, 2011, totaled $10.5 million, or $0.40 per diluted share, on revenues of $297.6 million and pretax earnings of $16.7 million.

Results for the first quarter of 2011 included $0.44 per diluted share of higher maintenance expense compared with the first quarter of 2010. In addition, results for the first quarter of 2011 included start-up expenses of $0.06 per diluted share for 747-400BCF and military passenger business opportunities, which will contribute to revenues and earnings commencing in the second quarter of 2011.

The company will place into service three new 747-8Fs from Boeing in the beginning of the fourth quarter of 2011.

To address customer demand and bridge its capacity needs, AAWW is deploying two 747-400 Boeing Converted Freighters acquired on operating leases in its military and commercial charter businesses in the second quarter. These aircraft supplement an existing 747-400BCF that provides very profitable charter service in South America and an additional 747-400F that provides maintenance coverage for AAWW’s fleet. The company also continues to deploy six 747 Classics in its military and commercial charter operations.

AAWW is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW operates the world’s largest fleet of Boeing 747 freighter aircraft.

Atlas, Titan and Polar offer a range of outsourced aircraft and aviation operating services that include ACMI service – in which customers receive an aircraft, crew, maintenance and insurance on a long-term lease basis; CMI service, for customers that provide their own aircraft; express network and scheduled air cargo service; military charters; commercial cargo charters; and dry leasing of aircraft and engines.

Copyright Photo: Bruce Drum. Please click on the photo for information about Polar Air Cargo.