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Atlas Air Worldwide Q4 Results Beat View - Quick Facts

Atlas Air Worldwide Holdings Inc. (AAWW) on Tuesday reported that its net income for the fourth quarter rose to $210.97 million from $209.45 million in the year-ago period. However, earnings per share declined to $2.73 from $6.71 last year on higher number of weighted average shares.

The latest quarter's results included an unrealized gain on outstanding warrants of $134.8 million, compared with a $130.0 million benefit related to the revaluation of deferred tax liabilities as a result of the U.S. Tax Cuts and Jobs Act and an unrealized gain on outstanding warrants of $23.7 million in the year-ago period.

On an adjusted basis, income from continuing operations for the quarter, net of taxes, increased to $87.00 million or $3.12 per share from $66.61 million or $2.43 per share in the year-ago quarter.

Operating revenue for the quarter grew to $764.96 million from $627.95 million in the prior-year quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.94 per share for the quarter on revenues of $755 million. Analysts' estimates typically exclude special items.

Looking ahead, the company said it expects to generate higher volumes, revenue, adjusted EBITDA and adjusted net income in 2019.

The company sees volumes for the year rising to around 340,000 block hours (with over 75% in ACMI and the balance in Charter), revenue of about $3.0 billion, and adjusted EBITDA of about $600 million. The company also anticipates its full-year adjusted net income will grow by a mid- to upper-single-digit percentage compared with 2018.

The Street expects the company to report earnings of $7.39 per share for the year on revenues of $2.95 billion.

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