That which did not sail by sea was sent by air in the first quarter of 2015, and Atlas Air Worldwide Holdings was there to reap the benefits. The Purchase, N.Y.-based charter airline and aircraft lessor reported net income of US$29 million in the first quarter of 2015, compared to $7.9 million during the same period in 2014. This is almost quadruple year-over-year results.
While commercial cargo demand was clearly boosted by the long-running port congestion problems on the West Coast of the United States in January and February, which led to a spike in charter activity, Atlas also said it benefited from a major automobile recall and “better-than-expected military cargo and passenger demand.”
The company reported free cash flow of $80.2 million in the first quarter, compared with $36.9 million in 2014. Operating income for the quarter also more than doubled to $57 million, y-o-y. “We are off to a very good start in 2015 and look forward to a strong year,” said William J. Flynn, president and CEO. “As a result, we now expect our full-year results to increase significantly compared with 2014.”
Atlas said it expected airfreight demand to continue to increase at between 4 and 5 percent, per year, through 2016, and commented that its customers are also performing at above market levels. “We anticipate significant growth in adjusted fully diluted earnings per share in 2015,” the company added.
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