Atlas Air Worldwide Holdings announces record first quarter earnings

Polar Air Cargo Boeing 747-46NF N453PA (msn 30811) MIA (Bruce Drum), originally uploaded by Airliners Gallery.

Atlas Air Worldwide Holdings, Inc. (New York) today (May 5) announced record first-quarter earnings that sharply exceeded previous record first-quarter earnings achieved in 2009.

For the three months ended March 31, 2010, AAWW’s net income increased 44.5% to $33.8 million, or $1.30 per diluted share, on revenues of $295.2 million and pretax earnings of $53.9 million. Record earnings for the quarter compared with previous record first-quarter net income of $23.4 million, or $1.12 per share, on revenues of $244.5 million and pretax earnings of $38.5 million for the three months ended March 31, 2009.

Excluding one-time items, adjusted net income in the first quarter of 2010 increased 86.2% to $27.5 million, or $1.06 per diluted share, compared with $14.8 million, or $0.71 per diluted share, in the first quarter of 2009.

The holding company expects to manage and operate a fleet of 22 747-400 freighters and six 747-200s (Atlas Air and Polar Air Cargo) through the remainder of this year. In addition, the Titan Aviation Leasing business acquired a Boeing 757-200 freighter in March that it has leased to a Chinese airline for a five-year term.

The holding company also plans to start outsourced CMI service using two customer-owned 747-400 passenger aircraft later this quarter, and to begin CMI flying for Boeing using four 747-400 Dreamlifter aircraft later this year. Additional fleet and earnings growth is expected with the delivery of 12 next-generation 747-8 freighters beginning in early 2011.

Copyright Photo: Bruce Drum. Polar Air Cargo’s Boeing 747-46NF N453PA (msn 30811) taxies to the runway at Miami.