ATLAS AIR LIFTS FORECAST

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By TESTCustomwebLP TESTCustomwebLP November 2, 2010 10:13

ATLAS AIR LIFTS FORECAST

Atlas Air has lifted its full-year profit guidance as demand continues to build for long-haul air cargo services. Its shares were recently up 6.6% at $55.72. Atlas Air is also one of the early customers for the delayed new 747-8F freighters. The airline confirmed that it has yet to firm up a final delivery schedule for its 12 aircraft on order following the latest delay to the program. The first 747-8Fs are now due to arrive at launch customer Cargolux in mid-2011.

Atlas raised its minimum 2010 earnings target by 10 cents to $5.40 a share. Atlas Air reported earnings of $33.8 million, or $1.29 a share, up from $14.7 million, or 70 cents a share, a year earlier. Revenue climbed 28% to $326.7 million. Operating margin widened to 16.8% from 11.2% as operating costs climbed 20%. Revenue at the aircraft, crew, maintenance and insurance leasing business, the largest top-line contributor, climbed 19%. Commercial charter revenue nearly doubled. At the AMC charter segment, which provides service to the U.S. military, revenue slid 7.8%. Block hours jumped 18% as revenue per block hour rose 31% and 24%, respectively, at the commercial charter and AMC charter units. Average utilization increased 12%.

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By TESTCustomwebLP TESTCustomwebLP November 2, 2010 10:13
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