Atlas Air reports double-digit profit decline in 4Q2011 and FY2011

Atlas Air Worldwide Holdings revenue up 8% - financial highlights:

• Three months ended 31-Dec-2011:
  • Total operating revenue: USD388.2 million, +7.9% year-on-year;
  • Total operating costs: USD334.7 million, +12.2%;
  • Operating profit: USD53.5 million, -13.1%;
  • Net profit: USD33.5 million, -19.4%;
• 12 months ended 31-Dec-2011:
  • Total operating revenue: USD1398 million, +4.5%;
  • Total operating costs: USD1247 million, +12.4%;
  • Operating profit: USD151.1 million, -33.7%;
  • Net profit: USD96.1 million, -32.2%. [more - original PR]

Atlas Air president and CEO William Flynn stated the company's 4Q2011 financial results were negatively impacted by aircraft delivery delays and pre-operating costs for new initiatives. "We performed well by historical standards, but global economic conditions, delivery delays for our new Boeing 747-8 freighters, delays in the ramp-up of CMI service for Boeing, and the impact of pre-operating costs for new initiatives all contributed to lower-than-anticipated earnings," Mr Flynn said. The company took delivery of three 747-8Fs during the quarter and placed those aircraft, along with the next two scheduled for delivery, in long-term contracts in its core ACMI business.