Mixed second-quarter results for Atlas

Atlas 2Q14Atlas Air Worldwide Holdings (AAWW) reported net income up 47.5% y-o-y in the second quarter to $29.6 million, as total revenue rose 9.3% to $441.2 million. Operating income for the quarter was down 45.0% to $26.7 million.

The odd discrepancy between net income and operating income was the result of one-time tax benefit of $24.0 million, and a one-time loss of $9.4 million related to the exchange of used spare engines for new. Adjusting for these items, and for some minor one-offs in 2Q13, net income was down 22.1% to $15.9 million.

We will offer a more detailed analysis in the upcoming August issue of Cargo Facts, but briefly:

 

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