Atlas Air Worldwide Holdings reported a $22.6 million operating profit in the first quarter of 2012, a 10% increase from $20.6 million a year earlier.
Adjusted earnings reflect a $14.2 million federal income tax benefit.
Net income was $20.1 million in the quarter, almost twice as much as $10.9 million a year earlier.
First quarter revenues grew 5% to $377.3 million from $359 million a year earlier.
Cash, cash equivalents and short-term investments was $343.9 million in the first quarter, down from $419.9 million in the first quarter of 2012. Free cash flow totalled $42.4 million, up from $1 million a year earlier.
The carrier saw profitability in its primary aircraft, crews, maintenance and insurance (ACMI) business in the quarter, driven by its new Boeing 747-8 freighter aircraft. The carrier added four 747-8s within the past year and announced today that it has placed its eighth aircraft of the type into service for Etihad Cargo under a multi-year ACMI agreement that begins this month.
Atlas Air Worldwide is the parent company of cargo operators Atlas Air, Polar Air Cargo and lessor Titan Aviation Leasing.