Atlas Air reports 36% fall in net income for 2011
Atlas Air has announced that its 2011 fourth-quarter net income totaled $33.5m on revenues of $388.2m. Net income declined 19.5% compared to $41.6m in the fourth quarter of 2010, while revenues increased 7.9% compared to $359.7m in the fourth quarter of 2010.
For the full-year 2011, the company reported net income of $96.1m on revenues of $1.4bn. This resulted in a year-on-year decline of 36% in net income compared to $150.4m in 2010, while revenue increased 4.4% compared to $1.34bn.
"2011 was a year of expanding our business platform and investing for the future," said President and Chief Executive Officer William J. Flynn. "We performed well by historical standards, but global economic conditions, delivery delays for our new 747-8 freighters, delays in the ramp-up of CMI service for Boeing, and the impact of pre-operating costs for new initiatives all contributed to lower-than-anticipated earnings."
Flynn continued, "Despite global economic strains that affected the airfreight market and our business during 2011, performance in our Commercial Charter business in South America remained strong, and overall performance in Commercial Charter in the fourth quarter improved from our third-quarter results, reflecting an increase in demand and improved block-hour rates.""We expect to report a significant increase in earnings in 2012, with reported earnings growing approximately 24% from 2011," concluded Flynn.