Fourth quarter and full year profit soared at Atlas Air Worldwide Holdings, fueled by strong air freight demand and tight wide-body, long-haul freighter capacity.
Atlas Air’s net income rose 47 percent in the quarter to $41.6 million, while revenue rose 11.8 percent year-over-year to $359.7 million.
For the full year, Atlas reported an 82 percent increase in net income to $141.8 million and a 26 percent increase in revenue to $1.34 billion.
The company’s adjusted net income was $41.4 million for the quarter and $150 million for 2010.
“We expect to report strong earnings in 2011,” said William J. Flynn, president and CEO. “We anticipate steadily improving results throughout the year.”
He said the company plans to put three Boeing 747-8Fs into service in the fourth quarter, though “uncertainty surrounding the timing of our deliveries remains.”
-- Contact William B. Cassidy at email@example.com.