logo
Plus   Neg
Share
Email

Atlas Air Worldwide Withdraws FY20 Outlook Amid COVID-19 - Quick Facts

While reporting financial results for the first quarter on Thursday, Atlas Air Worldwide Holdings, Inc. (AAWW) is providing an outlook for the second quarter of 2020, but its full-year 2020 guidance provided on February 20 of this year no longer applies, and we will provide updates as the year progresses.

This is attributable to the evolving and uncertain environment related to COVID-19 that makes it difficult to accurately predict the future impact on its results.

For the second quarter, the company expects revenues of approximately $770 million and adjusted net income to grow about 40 to 50 percent compared to the first quarter of 2020, excluding the benefit from a refund of excess aircraft rent paid in previous years.

Including the benefit from a refund of excess aircraft rent paid in previous years, it anticipates adjusted net income to more than double compared with the first quarter of 2020.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.08 per share on revenue of $684.84 million for the quarter. Analysts' estimates typically exclude special items.

The company expects a majority of its earnings to occur in the second half of this year.

The company said it is also adjusting routes and schedules to limit exposure to regions that have been more significantly impacted by the pandemic.

The company is mindful of the evolving and uncertain environment and the importance of prudent financial management. It is taking actions to reduce costs and enhance liquidity, including significantly reducing discretionary spending, limiting hiring for certain positions and selling nonessential assets.

For comments and feedback contact: editorial@rttnews.com

Business News

RELATED NEWS
Follow RTT