Atlas Air Worldwide bullish on H1 performance after Q1 net profit soars
FREIGHTER operator Atlas Air Worldwide has achieved increased net income and EBITDA in the first quarter of this year and it expects continued strong performance, reports London's Air Cargo News
09 May 2021 - 19:00
In its first quarter 2021 results, the freighter operator recorded a 33.8 per cent year-on-year increase in revenues to US$861.3 million. Net income surged 285.1 per cent to $89.9 million.
Adjusted EBITDA for the first quarter was $181.3 million - 49.6 per cent higher than what was achieved in the same period of 2020.
Volumes in the first quarter amounted to 88,523 block hours, compared with 73,247 in first quarter 2020 - a 20.9 per cent year-on-year increase.
Atlas Air Worldwide president and chief executive John Dietrich, commented: 'Our performance was driven by the strength and flexibility of our global business model and our team continuing to capitalise on the current airfreight environment, with demand and yields that are well above typical seasonal levels.
'Our results also benefited from flying four B747 freighters and one B777 freighter that we reintroduced to our fleet throughout 2020 to serve customer demand.'
Looking ahead, Mr Dietrich added: 'We are off to a very good start in 2021 and are seeing continued business momentum in the second quarter. We are closely monitoring the market and leveraging the diversity of our business model. This includes being prepared to capitalise on global market conditions as well as being able to successfully adjust to any changes.
'With the strong global demand for airfreight outpacing air cargo supply, we anticipate airfreight demand and yields to remain strong, with capacity on long-haul trade lanes remaining tight.
'In the second quarter of 2021, we expect to fly approximately 90,000 block hours, with revenue of approximately $950 million, and adjusted EBITDA of about $210 million. In addition, we anticipate adjusted net income to grow approximately 30 per cent compared with adjusted net income of $72.2 million in the first quarter of 2021.
'Given ongoing economic and market-related uncertainties, including Covid-19, new variants of the virus, surges in cases globally, travel restrictions, low international passenger travel and other factors, we are providing a second-quarter outlook, but not issuing a full-year 2021 earnings outlook at this time.'
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