Atlas Air Worldwide Holdings Q1 Profit Surges

(RTTNews) - Atlas Air Worldwide Holdings, Inc. (AAWW) Thursday announced a surge in first quarter net income attributable to common stockholders of $29.23 million or $1.17 per share, compared to $7.9 million, or $0.32 per share in the prior year.

The company noted that the reported earnings for the first quarter of 2015 included an effective income tax rate of 19.4%, which reflected an income tax benefit of $4 million related to beneficial tax planning regarding the treatment of extraterritorial income from the leasing of certain of our aircraft. Reported results also included a pretax loss of $1.2 million on the disposal of aircraft and engine parts, partly offset by pretax adjustments of $0.6 million to special charges.

Adjusted net income attributable to common stockholders was $25.7 million, or $1.03 per share compared to $11.3 million or $0.45 per share in the previous year.

On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.50.

Total revenue for the quarter increased to $444.85 million compared to $403.36 million last year. Analysts were looking

Looking ahead the company anticipates significant growth in adjusted earnings per share in 2015.