Atlas Closing down?
 

Hearing that rumor, is it fact?

Doesn't sound like it; tough times but better than Gemini:

NEW YORK (Associated Press) - Air freight company Atlas Air Worldwide Holdings Inc. cited the impact of fuel prices as it said Thursday its second-quarter profit fell more than 96 percent, even though sales rose.

The company said that for the three months ending June 30 it earned $1.5 million, or 7 cents a share, compared to a profit of $43.2 million, or $2.01 a share, for the same period a year ago.

Analysts surveyed by Thomson Financial were expecting earnings of 18 cents a share in the quarter, on average.

Revenue in the quarter rose more than 17 percent to $438.8 million, compared with $372.6 million for the same period a year ago.

Atlas Air said that based on the current fuel environment, it now expects pretax earnings in 2008 to total roughly $85 million. It reaffirmed its 2009 pretax earnings outlook of $165 million to $175 million. The company did not provide updated net income guidance. Analysts expect 2008 net income of $64.6 million and full-year 2009 net income of $107.7 million, on average.

Not included in the company's pretax earnings guidance for 2008 is a pretax gain of roughly $152.8 million expected to be recognized as income in the fourth quarter of 2008 for a long-term blocked space agreement with shipper DHL.

Confusing Atlas for Gemini maybe? I didn't even know they were hurting.

We're not hurting. Very strong and very strong outlook. Strictly rumor.

With customers paying for most of the fuel bill, I found it strange that with revenues up profits were down. Can anyone explain? Any idea how much cash Atlas has on hand?

ehhh....nothing gained....

Deleted by me....

atlas has a huge military contract, thats guaranteed revenue, and fuel is paid for so its a non-issue. theyre fine.

Our scheduled service is the section that is bleeding the most, but in Oct '08, that bleeding will end with the startup of Polar as an ACMI operator for DHL. At that time, no more fuel exposure for Polar.

Atlas charter section still affected by fuel cost.

Atlas World Wide just reaffirmed profit estimates for 2009 at around $185 mil.