Thursday, Atlas Air Worldwide Holdings, Inc.(AAWW), the parent company of Atlas Air, said it expects fourth quarter and fiscal 2009 earnings to exceed from the prior guidance.
The Purchase, New York-based company projects fourth quarter 2009 net income to exceed $1.10 per share or $26.5 million, exceeding the previous expectations of more than $0.74 per share or $18.0 million for the quarter.
Analysts polled by Thomson Reuters expect the company to report earnings of $0.79 per share. Analysts' estimates typically exclude special items.
Full year 2009 net income is expected to total more than $3.48 per share or $75.9 million, compared with previous expectations of over $3.09 per share or $67.4 million. Analysts expect the company to earn $2.69 per share for the full year.
William Flynn, president and chief executive officer said,"Our strong earnings performance in the fourth quarter was driven by a combination of a significantly improved peak-season airfreight demand, a tight supply environment, and continued strength in military charter demand.Results for the quarter and the full year also reflected the strategic actions we have taken to transform our business, our operating cost base, and our fleet throughout 2008 and 2009."
Further Flynn said low inventory levels and stronger-than-expected holiday demand during the fourth quarter generated yields in the charter segment not seen since the ports on the U.S. west coast were shut down for labor disputes back in the fourth quarter of 2002. Peak charter yields were a major contributor to the improvement in earnings relative to the previous expectations for the fourth quarter.
The company noted that although airfreight demand levels improved meaningfully in the fourth quarter, the charter yields experienced seasonally subsided going into first quarter of 2010.
AAWW closed Thursday's regular trading at $38.18, up $0.58 or 1.54% on a volume of 0.81 million shares on the Nasdaq.
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