NEW YORK's atlas Air Worldwide posted a year-on-year first quarter net profit decline of 9.4 per cent to US$81.5 million drawn on revenues of reported improvements in revenues of $1 billion, which rose 20 per cent, reports London's Air Cargo News.
The freighter lessor and operator saw adjusted earnings before interest, tax, depreciation, amortisation (ebitda) increased 11.9 per cent to $202,814.
Last year, the company benefitted from a $40.9 million, $31.9 million after tax, of CARES Act (US government Covid support) grant income.
The company said that its figures were also negatively affected by increased pilot costs stemming from a new collective agreement, a reduction in less profitable smaller gauge CMI flying, operational disruption due to omicron, and higher fuel prices.
Volumes in the first quarter declined by 6.7 per cent year on year to 82,626 block hours. On the positive side, Atlas benefited from higher yields and new and enhanced long-term contracts.
'We are off to an excellent start in 2022. We delivered strong earnings, despite the pandemic-related operational challenges we continue to navigate,' said Atlas Air Worldwide president and CEO John Dietrich.
'We are seeing a sustaining shift in long-term customer demand for Atlas' dedicated aircraft, and the speed and reliability air freight provides.
'During the first quarter, our customers continued to enter and enhance long-term contracts with Atlas for dedicated freighter capacity.'
'We are expanding and diversifying our customer base, and increasing flying under long-term contracts with attractive rates and guaranteed levels of flying.'
Atlas also completed a $100 million accelerated share repurchase programme in April, buying 1.2 million shares.
The company is also buying five of its existing B747-400Fs at the end of their leases during the course of this year, one of which was acquired in March.
Atlas expects to complete the remaining four aircraft acquisitions between May and December 2022.
'Acquiring these widebody freighters underscores our confidence in the demand for international air freight capacity, particularly in express, e-commerce and fast-growing global markets,' Atlas said.
'Keeping these aircraft in our fleet ensures continuity of capacity for our customers, which will drive strong returns for Atlas in the years ahead.'
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The freighter lessor and operator saw adjusted earnings before interest, tax, depreciation, amortisation (ebitda) increased 11.9 per cent to $202,814.
Last year, the company benefitted from a $40.9 million, $31.9 million after tax, of CARES Act (US government Covid support) grant income.
The company said that its figures were also negatively affected by increased pilot costs stemming from a new collective agreement, a reduction in less profitable smaller gauge CMI flying, operational disruption due to omicron, and higher fuel prices.
Volumes in the first quarter declined by 6.7 per cent year on year to 82,626 block hours. On the positive side, Atlas benefited from higher yields and new and enhanced long-term contracts.
'We are off to an excellent start in 2022. We delivered strong earnings, despite the pandemic-related operational challenges we continue to navigate,' said Atlas Air Worldwide president and CEO John Dietrich.
'We are seeing a sustaining shift in long-term customer demand for Atlas' dedicated aircraft, and the speed and reliability air freight provides.
'During the first quarter, our customers continued to enter and enhance long-term contracts with Atlas for dedicated freighter capacity.'
'We are expanding and diversifying our customer base, and increasing flying under long-term contracts with attractive rates and guaranteed levels of flying.'
Atlas also completed a $100 million accelerated share repurchase programme in April, buying 1.2 million shares.
The company is also buying five of its existing B747-400Fs at the end of their leases during the course of this year, one of which was acquired in March.
Atlas expects to complete the remaining four aircraft acquisitions between May and December 2022.
'Acquiring these widebody freighters underscores our confidence in the demand for international air freight capacity, particularly in express, e-commerce and fast-growing global markets,' Atlas said.
'Keeping these aircraft in our fleet ensures continuity of capacity for our customers, which will drive strong returns for Atlas in the years ahead.'
SeaNews Turkey
