Atlas Air grows Q1 operating profit to $28m

Washington DC
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Atlas Air Worldwide Holdings has grown its first quarter operating profit to $28.1 million, up 24.5% from a year ago.

The carrier's operating revenues rose 7% to $403 million, and operating expenses grew 5.8% to $375 million.

Atlas Air narrowed its first quarter net profit to $7.94 million, down from $20.1 million.

“2014 is off to a good start, led by the initiatives we’ve undertaken to diversify our business mix, expand our aircraft and service offerings, develop new customers and position Atlas to take advantage of market opportunities,” says William Flynn, Atlas Air's president and CEO.

The airline is maintaining its earnings outlook for the full year, and says it continues to expect that 2014 full-year results will approximate that of 2013.

"Airfreight volumes are improving, and recent forecasts suggest that airfreight demand will grow by a few percentage points in 2014 – the first real growth after three essentially flat years. Forecast airfreight yields continue to lag behind, however," says Atlas Air.