Third quarter results: Atlas Air revenue down from 2021

Air cargo airline and bareboat charter solutions provider Atlas Air has released its financial and operating results for the third quarter of 2022.

“We continued to see strong demand for our services during the third quarter,” said John W. Dietrich, president and CEO of Atlas Air Worldwide.

“Notwithstanding this strong demand, our performance in the third quarter was impacted by operational disruptions related to an increase in COVID-19 cases, particularly in July and August, as well as the effects of Hurricane Ian at the end of the quarter” , he added. .

Key financial and operational results of Atlas Air in the third quarter of 2022

  • Reported net income of $60.1 million, or $1.79 per diluted share. In the third quarter of 2021, the company reported net income of $119.5 million, or $3.91 per diluted share.
  • Gross operating income of $194 million, down from $280.5 million recorded in the same period of 2021.
  • Adjusted net income of $78.8 million, or $2.69 per diluted share. In the third quarter of 2021, the company recorded net income of 145.4 million, or $4.88 per diluted share.
  • On an adjusted basis, the results reflect an effective tax rate of 22.6%.
  • As of September 30, 2022, the company had $476 million in cash, down from $921 million reported at the end of 2021. This was driven by cash spent on investing and financing activities, which included the use of $290.1 ​​million for pre-delivery payments for new aircraft.
  • Atlas Air operated a total of 79,274 block hours between July and September this year. This is down from the 90,363 blocked hours reported during the same period of 2021.
  • The carrier took delivery of a Boeing 747-8F in October, the second aircraft of this type to join the fleet during 2022. According to the delivery schedule provided by the manufacturer, Atlas Air plans to take delivery of two other aircraft during of the last quarter of this year. year and the first quarter of 2023.

Third quarter balances and projections for the last three months of the year

On August 4, Atlas Air signed a definitive agreement to be acquired by a group of investors led by funds managed by affiliates of Apollo Global Management, as well as investment affiliates of JF Lehman & Company and Hill City Capital .

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“In light of this impending acquisition, Atlas Air Worldwide will not be hosting an earnings conference call or providing forward-looking advice,” the company said in a press release.

Atlas Air will hold a special meeting of shareholders in connection with the transaction on November 29. The company expects to complete the process in the fourth quarter of this year or in the first quarter of 2023.

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