Beginning late last year, freight demand helped Atlas Air Worldwide Holdings withstand the global economic downturn in the fourth quarter as the freighter operator posted a $23.8 million net profit.
Fourth quarter profit fell 55 percent below the same period in 2008 on revenue of $321.6 million, which was 4 percent below the prior-year quarter.
For the full year 2009, Atlas earned net profit of $77.8 million on revenue of $1.062 billion, compared with profit of $63.7 million on revenue of $1.607 billion in 2008.
Results reflected retirement of some aircraft, significantly improved air freight demand, a tight supply environment and strong military charter demand, the company said.
“The global scale and scope of our operations positioned us very well to participate in a vigorous commercial charter market during the fourth quarter, especially in the Asia-Pacific region,” said William J. Flynn, president and chief executive officer. “Low inventory levels and stronger-than-expected holiday demand during the quarter generated yields in our commercial charter segment not seen since ports on the U.S. west coast were shut down in the second half of 2002. Peak charter yields were a major contributor to our earnings for the quarter.”
Contact Thomas L. Gallagher at email@example.com.