Atlas Air Worldwide 4Q net income rises 56 pct

Atlas Air Worldwide posts 56 pct jump in 4th-qtr net income, beats predictions

Associated Press

PURCHASE, N.Y. (AP) -- Cargo airline and aircraft leasing company Atlas Air Worldwide Holdings Inc. said Wednesday its fourth-quarter net income jumped 56 percent, as the company added aircraft to its fleets.

Atlas earned $52.4 million, or $1.97 per share, up from $33.5 million, or $1.27 per share, in the same quarter last year. Excluding an insurance-related gain stemming from flood damage from Superstorm Sandy, along with other one-time items, the company said it posted an adjusted profit of $1.83 per share for the recent quarter.

Operating revenue increased 17 percent to $452.8 million from $388.2 million.

The results beat Wall Street predictions. Analysts, on average, expected an adjusted profit of $1.75 per share on $438.4 million in revenue, according to FactSet.

Atlas said its core aircraft, crew, maintenance and insurance business got a boost from new aircraft that were brought into service late in the fourth quarter of 2011. Revenue at the division rose 16 percent to $189.3 million.

Commercial charter revenue jumped 56 percent to $144.4 million, helped by the replacement of older aircraft.

For the full year 2012, Atlas earned $129.9 million, or $4.89 per share, up from $96.1 million, or $3.64 per share, in 2011. Revenue rose to $1.65 billion from $1.4 billion.

The company projected a 2013 profit of about $4.65 per share, while analysts expect $4.87 per share.

Atlas shares rose 45 cents to $46.58 in late trading.

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