Atlas Air Worldwide results exceed expectations in 1Q2020, 'positive trends' to continue

Atlas Air Worldwide Holdings reported (07-May-2020) net income of USD23.4 million in 1Q2020, compared to a loss of USD29.7 million in 1Q2019. President and CEO John W Dietrich stated results for the quarter exceeded the company's expectations. The results reflected increased cargo charter demand and higher airfreight yields in Mar-2020, with greater global demand for airfreight due to the coronavirus pandemic. Mr Dietrich said strong airfreight demand continues into 2Q2020, leading the company to reactivate three Boeing 747Fs and deploy one 777F that was previously in its dry leasing business. Mr Dietrich commented: "We expect the positive trends that we are currently experiencing to continue throughout the remainder of the year, and we expect a majority of our earnings to occur in the second half of this year", but added: "The evolving and uncertain environment related to COVID-19 makes it difficult to accurately predict the future impact on our results". [more - original PR]