Atlas Air Worldwide posts third-quarter 2020 net income of US$74.1 million

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Atlas Air Worldwide Holdings has posted third-quarter 2020 net income of US$74.1 million compared with net income of US$60.0 million in the third quarter of 2019.

On an adjusted basis, EBITDA totaled US$196.3 million in the third quarter this year compared with US$95.6 million in the third quarter of 2019. Adjusted net income in the third quarter of 2020 totaled US$82.7 million, compared with US$9.5 million in the third quarter of 2019.

“The positive momentum of our business continued in the third quarter, despite a more complex, costly, and challenging operating environment caused by the COVID-19 pandemic.” said Chief Executive Officer John W. Dietrich. “Our performance is the result of our entire team pulling together to increase utilization of our aircraft and execute on strong market demand and higher yields.”

Mr. Dietrich continued: “Looking to the fourth quarter, and subject to any material COVID-19 developments, we anticipate solid volumes and yields driven by continued e-commerce growth and end-of-the-year airfreight demand, coupled with the reduction of available cargo capacity in the market. To meet customer demand, we are reactivating our fourth 747 freighter that had been previously parked. This will add to the three 747 freighters and the 777 freighter we placed back into service during the second quarter of 2020.”

“As a result, we anticipate fourth-quarter revenue of about US$850 million and adjusted EBITDA of approximately US$215 million. We also expect fourth-quarter 2020 adjusted net income to grow approximately 25% compared with adjusted net income of US$82.7 million in the third quarter of this year.

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