2Q2016 'the most important' quarter in Atlas Air's history: CEO

Atlas Air Worldwide Holdings president and CEO William J Flynn described (03-Aug-2016) 2Q2016 as, "the most important [quarter] in the company's history," with the acquisition of Southern Air and the agreement with Amazon to lease and operate 20 Boeing 767-300Fs. Mr Flynn said the Southern Air acquisition generated immediate earnings accretion in 2Q2016. Earnings also reflected increased military cargo and passenger demand but a slower pace in general commercial cargo. Atlas Air also incurred start up expenses in preparation for the Amazon operations. The company expects slightly more than three quarters of adjusted earnings for 2016 to be generated in 2H2016, reflecting historical patterns. Total block hours are expected to increase 20% year-on-year in 2016, with ACMI accounting for 75% of hours and charter accounting for the remainder. Mr Flynn said, "The acquisition of Southern Air creates more options for us in all of our market segments, and our relationship with Amazon includes an opportunity for additional business beyond our initial service for them."
 Mr Flynn added: "We believe strongly in the future of airfreight, especially in the future of the express and e-commerce sectors. Our long-term strategy is to build Atlas to make the most of that future." [more - original PR] [more - original PR - 2]