PURCHASE, NY: Atlas Air Worldwide Holdings reported revenue of US$844.5 million for the first half of 2014 – up from US$780.9 million year-on- year. However net income fell from US$40.1 million to US$37.7 million.
Second quarter revenue rose from US$403.5 million to US$441.2 million for a net result of US$29.6 million – up from US$20.0 million in the same period last year.
"We are off to a good start in 2014. Airfreight demand is improving, and we are encouraged about our full-year outlook," said Atlas president and CEO Bill Flynn. "As we continue to gather additional insight into second-half yields, demand and military requirements, we are maintaining our full-year earnings framework," he added.
The company said although ACMI revenues were helped by an increase in B747-8 flying, the return of three -8Fs from British Airways this year was only partially offset by providing two of them to DHL Express. Atlas continues ACMI operations fro BST Logistics, Etihad and Astral Aviation.
The company also reported higher revenue from dry leasing a total of six B777 cargo aircraft on a long-term basis.
Encouraged by the growth in air cargo volumes after three "essentially" flat years, Flynn said despite a continuing lag by yields, the rest of the year looked more positive: "Atlas is an entrepreneurial company. Our second-quarter results illustrate the positive contributions being generated by the investments we've made and the initiatives we've undertaken. In the face of an uncertain airfreight market and an anticipated decline in military cargo demand, we have diversified our business mix and are driving business resilience."