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Atlas Air beats Q3 estimates on strong demand for air cargo

Storm clouds on this day at George Bush Intercontinental Airport in Houston, but the third quarter was sunny for Atlas Air. (Photo: Jim Allen/FreightWaves)

Atlas Air (NASDQ: AAWW) reported Thursday that third quarter net income grew $14 million to $74.1 million, with adjusted pre-tax earnings, earnings per share and revenue all above analysts estimates driven by the macro trend of strong demand for air cargo.

The Purchase, N.Y., all-cargo carrier said total revenue grew 25% to $810 million, compared to the consensus estimate of $797.2 million. Adjusted earnings before interest, taxes, depreciation and amortization were $196.3 million, compared to Wall Street’s expectation of $177 million. Earnings per share of $2.84 beat the Street by 38 cents per share.

The better than expected results were primarily powered by stronger yields and more block hours in long-term outsourced flying and cargo charters.

(Updates to follow)


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Eric Kulisch

Eric is the Supply Chain and Air Cargo Editor at FreightWaves. An award-winning business journalist with extensive experience covering the logistics sector, Eric spent nearly two years as the Washington, D.C., correspondent for Automotive News, where he focused on regulatory and policy issues surrounding autonomous vehicles, mobility, fuel economy and safety. He has won two regional Gold Medals and a Silver Medal from the American Society of Business Publication Editors for government and trade coverage, and news analysis. He was voted best for feature writing and commentary in the Trade/Newsletter category by the D.C. Chapter of the Society of Professional Journalists. He was runner up for News Journalist and Supply Chain Journalist of the Year in the Seahorse Freight Association's 2024 journalism award competition. In December 2022, Eric was voted runner up for Air Cargo Journalist. He won the group's Environmental Journalist of the Year award in 2014 and was the 2013 Supply Chain Journalist of the Year. As associate editor at American Shipper Magazine for more than a decade, he wrote about trade, freight transportation and supply chains. He has appeared on Marketplace, ABC News and National Public Radio to talk about logistics issues in the news. Eric is based in Vancouver, Washington. He can be reached for comments and tips at ekulisch@freightwaves.com