Atlas Air Worldwide Q1 Results Top Estimates

(RTTNews) - Atlas Air Worldwide Holdings, Inc. (AAWW) reported Thursday that first-quarter net income declined to $81.51 million or $2.38 per share from $89.93 million or $3.05 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter were $2.99 per share, compared to $2.45 per share in the year-ago quarter.

Operating revenue for the quarter grew to $1.04 billion from $861.3 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.63 per share on revenues of $1.02 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the second quarter, the company expects adjusted net income to grow by a high-single-digit percentage and revenue to exceed $1.1 billion from flying more than 85,000 block hours. The Street is looking for earnings of $3.59 on revenues of $1.05 billion for the quarter.

For fiscal 2022, the company now projects more than 350,000 block hours, with revenue of approximately $4.6 billion. Analysts expect revenues of $4.30 billion for the year.

The company also anticipates adjusted net income in the second half of 2022 to improve approximately 60 percent.