Atlas Air Worldwide reports a second quarter net profit of $23.8 million

Atlas Air Worldwide Holdings, Inc. (New York) reported net income attributable to common stockholders for the three months ended June 30, 2011 totaled $23.8 million, or $0.90 per diluted share, on revenues of $349.6 million and pretax earnings of $39.4 million.

Earnings for the second quarter compared with 2010 second-quarter net income attributable to common stockholders of $32.7 million, or $1.25 per diluted share, on revenues of $356.2 million and pretax earnings of $61.7 million. Adjusted for accruals for legal settlements and a gain on disposal of aircraft, net income attributable to common stockholders in the second quarter of 2010 totaled $47.5 million, or $1.82 per diluted share. Both net income and adjusted net income attributable to common stockholders for the second quarter of 2010 included incremental revenues of $10.3 million and after-tax earnings of $6.5 million, or $0.25 per diluted share, related to the delivery of mine-resistant, ambush-protected, all-terrain vehicles (M-ATVs) to the U.S. military in Afghanistan on premium-rate, 747-400 freighter aircraft.

For the six months ended June 30, 2011, net income attributable to common stockholders totaled $34.4 million, or $1.30 per diluted share, on revenues of $647.2 million and pretax earnings of $56.1 million.

In 2010, Atlas Air Worldwide’s six-month net income attributable to common stockholders totaled $66.4 million, or $2.56 per diluted share, on revenues of $651.4 million and pretax earnings of $115.6 million. Adjusted for accruals and gains for legal settlements and a gain on disposal of aircraft, net income attributable to common stockholders in the first six months of 2010 totaled $75.0 million, or $2.89 per diluted share. Both net income and adjusted net income attributable to common stockholders for the first half of 2010 included incremental revenues of $28.8 million and after-tax earnings of $18.0 million, or $0.69 per diluted share, related to the delivery of M-ATVs to the U.S. military in Afghanistan.

Based on a proposed revised schedule from Boeing that the Company is reviewing, Atlas Air Worldwide expects to take delivery of its first 747-8F aircraft in October 2011 and to receive two more in November. Reflecting an aggregate delay of five months of service in the fourth quarter, Atlas Air Worldwide has revised its expected contribution from 747-8F aircraft in the quarter to $0.16 per diluted share from $0.36.

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