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Atlas Air Q4 profits down 24pc prior to delisting
来源：shippingazette 编辑：编辑部 发布：2023/03/03 15:20:34
PURCHASE, New York-based all-cargo airline Atlas Air Worldwide recorded US$287 million in fourth-quarter adjusted earnings before accounting measures, a 23.6 per cent decline from the prior year.
The financial results reflected weak shipping demand that resulted in fewer flying hours and higher operating costs associated with weather disruptions, according to New York's FreightWaves.
The earnings report is likely the last for the Nasdaq-listed airline which is being purchased by an investor group led by Apollo Global Management.
The company has received all shareholder and regulatory approval and is only waiting for approval from the Department of Transportation. It expects the sale to close this quarter and be delisted from the NASDAQ exchange.
Management did not issue guidance and will not hold a conference call.
Atlas Air said fourth-quarter revenue ticked up 4.3 per cent to $1.2 billion primarily due to higher fuel surcharges and yields, including from new and extended long-term operating leases and increased cargo flying for the US military.
Revenue gains were partially offset by a 7.7 per cent reduction in aircraft utilization and costs related to weather disruptions. Severe weather events made it difficult to reposition crews in the US because of widespread cancellations of commercial passenger flights. The company had to pay more for pilot overtime and crew travel costs because of higher airfares.
The airline's reduced flight activity was slightly better than the dedicated freighter sector overall, which experienced an 8.1 per cent drop in flight activity since the fall, according to research from BMO Capital Markets.
Full-year revenue increased $500 million to $4.5 billion. Net income fell 27.7 per cent to $356 million.
"2022 was one of the best years in Atlas' history," president and CEO John Dietrich said.
The financial results reflected weak shipping demand that resulted in fewer flying hours and higher operating costs associated with weather disruptions, according to New York's FreightWaves.
The earnings report is likely the last for the Nasdaq-listed airline which is being purchased by an investor group led by Apollo Global Management.
The company has received all shareholder and regulatory approval and is only waiting for approval from the Department of Transportation. It expects the sale to close this quarter and be delisted from the NASDAQ exchange.
Management did not issue guidance and will not hold a conference call.
Atlas Air said fourth-quarter revenue ticked up 4.3 per cent to $1.2 billion primarily due to higher fuel surcharges and yields, including from new and extended long-term operating leases and increased cargo flying for the US military.
Revenue gains were partially offset by a 7.7 per cent reduction in aircraft utilization and costs related to weather disruptions. Severe weather events made it difficult to reposition crews in the US because of widespread cancellations of commercial passenger flights. The company had to pay more for pilot overtime and crew travel costs because of higher airfares.
The airline's reduced flight activity was slightly better than the dedicated freighter sector overall, which experienced an 8.1 per cent drop in flight activity since the fall, according to research from BMO Capital Markets.
Full-year revenue increased $500 million to $4.5 billion. Net income fell 27.7 per cent to $356 million.
"2022 was one of the best years in Atlas' history," president and CEO John Dietrich said.