New York-based Atlas Air Worldwide, a provider of global aviation services, has seen diluted earnings for 2012 top $4.65 per share, a more than 13 percent growth over 2011’s numbers.
Preliminary totals for 2012, as well as an initial look at the company in 2013, were released in anticipation of an investor presentation scheduled for next month.
Though the company foresees subdued air freight market conditions globally ahead, according to a company earnings presentation, its ACMI — aircraft, crew, maintenance and insurance — business will see growth. However, the carrier’s military cargo volumes, along with its commercial charter volumes, are expected to decline. A roadblock to profitability in 2013 is increased total aircraft maintenance costs.
Atlas’ four-pronged growth strategy includes leveraging its core competencies, developing new organizational capabilities, driving efficiencies and managing the company’s balance sheet.
“Atlas Air Worldwide is executing on a strategic plan that has built a resilient company with a strong balance sheet. The company's model is working as expected amid difficult economic conditions and a related contraction in air freight demand,” according to a company statement.
In 2012, the company added four new Boeing 747-8 freighters, and these planes are expected to drive growth in the company’s ACMI segment in 2013. CMI flying will also increase compared to last year. Atlas announced in December that it would provide CMI service for two DHL Express intra-Asian routes starting at the end of the first quarter. The flights, which will be performed on two new B767-300ERF planes, will be operated for Atlas’ sister company, Polar Air Worldwide.
Atlas Air currently has 10 B767s in its fleet, seven of which are customer-owned planes reserved for DHL Express service. Altogether, the carrier operates 51 cargo and planes. - Jon Ross