Atlas Air Worldwide Holdings Inc on Tuesday said its first quarter revenue fell deeply due to deconsolidation of Polar Air Cargo eliminates losses on fuel and yield risk level from its core business.
It posted a net income of $23.4 million, or $1.12 per share for the first quarter compared to a net loss of $5.3 million, or $0.25 per share a year ago. Revenue fell to $244.5 million ended March 31, compared to $373.0 million in same period a year earlier.
“Our record first-quarter earnings reflect the first full quarter of express network ACMI operations pursuant to a long-term commercial agreement that commenced in the fourth quarter of 2008,” said William J. Flynn, President and Chief Executive Officer of AAWW.
Its shares also rose to $2.48 to 8.58 Percent at $31.38 in the NASDAQ trading.