(RTTNews) - Monday, Atlas Air Worldwide Holdings, Inc. (AAWW: News ), the parent company of Atlas Air, reported a rise in profit for the third quarter ended September 30, reflecting financial reporting changes. In a separate release the company announced a stock offering of 5.25 million common shares. Currently the shares are down more than 19% on Nasdaq.

Atlas Air Worldwide's net income attributable to parent rose to $14.72 million or $0.70 per share, compared to $5.24 million or $0.24 per share last year. On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share. Analysts' estimates typically exclude special items.

Net income increase reflects the deconsolidation of Polar Air Cargo Worldwide, Inc. in October, 2008 and the consolidation of Global Supply Systems Ltd. from AAWW in April, 2009 for financial reporting purposes.

"Net earnings in the third quarter were well over two and one-half times the amount that we reported in the third quarter of 2008, despite a still challenging though improving business environment and despite a smaller total fleet size than we had last year," said William J. Flynn, President and Chief Executive Officer of AAWW.

While EBITDAR, an adjusted figure was $75.72 million, up from $69.13 million for the same quarter last year, adjusted EBITDA increased to $37.67 million from $28.96 million for the year earlier quarter.

Total operating revenues declined to $255.48 million from $460.66 million in the prior year quarter. Five analysts estimated revenues of $237.36 million.
Aircraft fuel expenses dropped to $47.49 million from $223.44 million for the year-ago period mainly reflecting the deconsolidation of Polar, the company said. Total operating expenses came down to $226.85 million from $440.41 million for the prior year period.

For the nine months, net income attributable to parent surged to $49.44 million or $2.35 per share from $1.44 million or $0.07 per share a year earlier. However, total operating revenues rose to $739.99 million from $1.27 billion last year.

In a separate statement, the company announced that it plans to offer 5.25 million common shares in an underwritten public offering with an underwriting option of an additional 0.79 million shares.

The Company intends to use the net proceeds from the offering for general corporate purposes, including the financing of capital expenditures or funding of potential acquisitions or other business transactions.

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