Net income attributable to common stockholders for the three months ended September 30, 2011 totaled $28.2 million, or $1.07 per diluted share, on revenues of $362.9 million and pretax earnings of $45.8 million.
2010 third-quarter net income attributable to common stockholders was $33.8 million, or $1.29 per diluted share, on revenues of $326.7 million and pretax earnings of $55.2 million.
For the nine months ended September 30, 2011, net income attributable to common stockholders totaled $62.6 million, or $2.37 per diluted share, on revenues of $1.01 billion and pretax earnings of $101.9 million.
According to the holding company, “earnings in the third quarter were driven by our core, long-term ACMI business, complemented by increased AMC Charter demand, including our new military passenger service.
Results during the quarter benefited from the global scale of our time-definite operations, with growing airfreight demand in the Middle East, Africa and South America, which are key markets for our customers. Our strong ACMI segment results reflected a reallocation of 747-400 freighter capacity from Commercial Charter to meet increased ACMI customer demand in 2011.
We now expect full-year earnings in excess of $4.30 per diluted share in 2011, reflecting the continuing strong performance of our core, long-term ACMI business offset by softer charter market conditions; further Boeing 747-8F delivery delays; lower-than-anticipated Boeing Dreamlifter flying affecting the Company’s CMI operations; and additional start-up expenses for new growth initiatives.
Softer demand out of Asia during the third quarter resulted in reduced opportunities for return-leg commercial charters following one-way AMC missions. Combined with lower yields on commercial charters out of Asia, we anticipate reduced full-year contribution from Commercial Charter in 2011.
Performance in our Commercial Charter business in South America remains strong, and overall performance in Commercial Charter in the fourth quarter of 2011 is expected to improve from our third quarter results, reflecting higher demand and lower maintenance expense.
We took delivery of our first 747-8F aircraft on November 2, 2011, and currently expect to receive two more later this year, reflecting an aggregate additional delay of nearly two months in deliveries by Boeing.
As a result of adjustments in Boeing’s 787 production program, we expect the contribution in 2011 from CMI flying of Dreamlifter aircraft for Boeing to be reduced accordingly.
AMC passenger operations, 767 CMI flying for DHL, new 747-8F capacity and other growth initiatives will drive increased Company revenues and earnings and improved business mix in 2011 and beyond.”
Atlas Air Slide Show: CLICK HERE
Copyright Photo: Ken Petersen. Atlas Air has put its first Boeing 767-300 in service in full colors. Formerly operated by VARIG (2nd) as PR-VAF, 767-38E N641GT (msn 25132) is pictured being serviced at the New York (JFK) base.