Atlas Air Worldwide posts $41.5 million 2016
As predicted,
""""""Atlas Air Worldwide Holdings earned a 2016 net profit of $41.5 million, a nearly six-times increase over net income of $7.3 million in 2015, though the 2015 results are skewed by one-time charges related to settling class-action litigation.
The Purchase-New York based air cargo operator’s annual revenue was essentially flat in 2016 at $1.8 billion. But president and CEO Bill Flynn called 2016 “historic” for Atlas, which acquired Southern Air for $110 million and entered into a wet-lease contract with Amazon during the year.
“We acquired Southern Air, expanding the array of aircraft and services that we provide, especially to the fast-growing express market,” he said. “We entered into strategic, long-term agreements with Amazon to serve its rapidly growing e-commerce business … With our expanding business base and the ongoing development of our strategic platform, we are well-positioned to grow earnings [in 2017].”
Atlas Air Worldwide’s 2016 expenses dipped slightly year-over-year to $1.6 billion and operating income was $168.3 million, up 36.3% over an operating profit of $123.5 million in 2015.
Total block hours flown rose 18.2% year-over-year in 2016 to 210,444.""""""