Atlas Air expects best to come as 2010 profits rise 102pc

ATLAS Air Worldwide Holdings (AAWW), a global provider of aircraft and operating services, has posted full-year 2010 adjusted net profit of US$150 million, an increase of 102 per cent, on revenues of $1.34 billion.


Adjusted net income for the fourth quarter ended December 31, rose by 23 per cent year on year to $41.4 million, on revenues of $359.7 million.


"Our revenues increased 26 per cent and our net income grew sharply, due to strong air freight demand, tight supply of wide-body, long-haul freighter aircraft," said William Flynn, president and CEO.


The report said pre-tax adjustments to earnings last year included a net expense of $16.1 million for legal settlements, partly offset by an $8.8 million litigation settlement receipt and a gain of $3.6 million on disposal of aircraft assets.


AAWW expects that air freight volumes will continue to grow, and that demand growth in the high-density Asian trade lanes will "continue to outpace global demand growth in 2011 and well into the future."


Shipments of hi-tech products, pharmaceuticals, automotive parts used in inventory replenishment and just-in-time management practices contributed to air freight strength.


Tight supply in wide-body, long-haul, heavy-freighter space continues to support rates and load factors, said the company statement.
(Source:http://www.schednet.com)