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Atlas Air Worldwide Turns To Profit In Q2, But Stock Down

Atlas Air Worldwide Holdings Inc. (AAWW) reported second-quarter 2019 income from continuing operations of $86.9 million, or $1.61 per share, compared to a loss of $21.1 million, or $0.83 per share, in the second quarter of 2018.

In Thursday pre-market trade, AAWW is trading at $41.50, down $4.15 or 9.09%.

Reported results in the second quarter of 2019 included $59.8 million of tax benefits related to the favorable completion of an Internal Revenue Service examination of the company's 2015 income tax return and an unrealized gain on outstanding warrants of $42.3 million.

Reported results for the second quarter of 2018 included an unrealized loss on outstanding warrants of $50.0 million.

Adjusted income from continuing operations, net of taxes, in the second quarter of 2019 totaled $4.5 million, or $0.17 per share, compared with $49.7 million, or $1.75 per diluted share, in the year-ago quarter.

Operating revenue for the quarter declined to $663.92 million from $666.15 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share and revenues of $713.31 million. Analysts' estimates typically exclude special items.

The company anticipates revenue of approximately $2.9 billion, adjusted EBITDA of approximately $520 million, and adjusted net income of approximately 80% of 2018 adjusted net income of $204.3 million.


The company expects that third-quarter adjusted net income will represent a mid- to upper-teen percentage of full-year adjusted net income.

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