Atlas aims for a big 2011
01 / 03 / 2011
ATLAS Air Worldwide Holdings (AAWW) recorded a full-year net income increase of 82 per cent to US$141.8 million in 2010. Fourth-quarter net income rose 47 per cent to $41.6 million.
“2010 was an exciting year for the company and for commercial airfreight demand,” said William Flynn, chief executive officer of AAWW. “Our revenues increased 26 per cent and our net income grew sharply, due to strong airfreight demand, tight widebody supply and long-haul freighter aircraft.”
In the fourth quarter, AAWW reallocated two 747-400Fs from charter operations into its core ACMI business, which it considers more stable, following new contracts with Panalpina and TNT Express. Due to encouraging demand and improved yields, ACMI customers flew above their minimum contractual block hours during the quarter, averaging nearly seven per cent above minimums and eight per cent for the full year.
Increased volumes and block-hour rates in the ACMI business offset the reduction in demand for US military activity in Afghanistan. In addition, improved commercial charter rates compared with the fourth quarter of 2009 reflected continued strong demand for charters in Asian and Latin American markets.
AAWW expects to report strong earnings in 2011, bolstered by three new 747-8Fs in the fourth quarter of 2011.
It has also entered into leases for two 747-400BCFs for an average of approximately three and a half years. It aims to deploy these aircraft in its military and commercial charter businesses when they enter service during the second quarter of 2011.