Atlas Air Worldwide posted almost a ninefold year-on-year increase in adjusted net income for the third quarter of 2020, at $82.7 million.
During the quarter, the carrier grew its base of long-term charter customers, including Cainiao and HP, according to CEO John W. Dietrich.
Block hours increased by 14% compared to the third quarter of 2019, while revenue was up 25%, mainly due to increased ACMI flying.
Atlas confirmed the reactivation of the fourth 747-400F (27062) it had previously stored, to join three other converted 747-400Fs and a 777F brought back into service earlier this year.
The group also said it had secured financing facilities totaling $500 million for Titan Aircraft Investments, the leasing joint venture between its Titan Aviation Holdings subsidiary and Bain Capital Credit announced in December 2019, to be used for the acquisition of freighter aircraft on lease and of passenger aircraft to be converted into freighters. Titan Aviation and Bain are already committed to providing a total of $400 million in capital to the venture for the acquisition of aircraft.
In October, Amazon, for which Atlas and subsidiary Southern Air operate 767Fs and 737-800Fs, acquired approximately 1.4 million shares in Atlas Air Worldwide under a warrant issued in 2016, accounting for just under 5% of Atlas’ outstanding common shares.
Atlas reported an adjusted net income of $123.2 million in the second quarter of the year.
