Atlas Air Confirms 747-8F Delivery Schedule

Posted 02/08/2011

Atlas Air Worldwide, the parent company of Atlas Air and Titan Aviation Leasing and the majority shareholder of Polar Air Cargo Worldwide has revealed that it will receive three Boeing 747-8F freighters during the final three months of this year.  In a formal statement confirming its Second Quarter results, the Aircraft, Crew, Maintenance and Insurance (ACMI) specialist says it will take delivery of its first 747-8F in October and will receive two more aircraft in November.  The aircraft will be operated by its 49%-owned UK subsidiary, Global Supply Systems Limited, which signed a five-year wet leasing agreement to operate them for British Airways World Cargo last year. 

The company has had a strong start to the year and its net income attributable to common stockholders for the three months ended June 30, 2011 totalled $23.8 million, or $0.90 per diluted share, on revenues of $349.6 million and pre-tax earnings of $39.4 million.  For the quarter, an average of 22.1 aircraft (20.3 Boeing 747-400s, 0.1 Boeing 747-200, and 1.7 CMI aircraft) supported the company’s ACMI operations, compared with an average of 16.8 aircraft (16.4 Boeing 747-400s, zero Boeing 747-200s, and 0.4 CMI aircraft) in the second quarter of 2010.

During the second quarter of 2011, Atlas Air Worldwide also acquired a 767-300ER passenger aircraft that will be deployed in military charter service.  “Results in the second quarter were driven by our core ACMI business and the global scale and scope of our customer offerings,” said William J Flynn, President and Chief Executive Officer, Atlas Air Worldwide.  “Our core business is solid, and we continue to expect strong earnings in 2011.”

“Our 747-8F aircraft will drive volumes and profitability in our core ACMI business.  At the same time, volumes in our military passenger business, including our new B767 operations, are expected to grow to more than 10,000 block hours in 2012 from less than 1,000 block hours this year and none in 2010,” he added.

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