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Atlas Air Worldwide narrows US$8 million loss 38pc with FedEx, Amazon deals
ATLAS Air Worldwide Holdings narrowed its third quarter net loss 38 per cent to US$7.9 million, drawn on quarterly revenues of $448 million, down 0.4 per cent year on year.
The Purchase, New York company抯 expenses increased 5.3 per cent to $422 million. Quarterly operating profit was $26 million, down 46.9 per cent year on year.
The company will supply air cargo carrier FedEx Express with five Boeing 747-400 freighters during the December peak-flying seasons of 2017 through 2021.
"We have worked closely with FedEx for many years, with an agreement to provide five aircraft for 2016 peak-season flying already in place," said Atlas president and CEO William Flynn.
"This new agreement will enable both of our companies to better plan for the longer term."
"We [continue] to focus on increasing our alignment with the faster-growing express and e-commerce markets. Our third-quarter results were at the upper end of the range that we expected," Mr Flynn said.
He also said peak season demand was expected to be solid with seasonal improvement in commercial air freight yields.
"We continue to believe strongly in the future of air freight, express and e-commerce," he said.
Atlas Air Worldwide is parent company to Atlas Air, Southern Air Holdings and Titan Aviation Holdings, and owns most of Polar Air Cargo.
Atlas Air抯 agreement with Seattle-based retail giant Amazon was reached in May. Under the agreement, Atlas Air Worldwide subsidiary Atlas Air will operate 20 767-300Fs on a crew, maintenance and insurance [ACMI] contract with Amazon for an initial term of seven years.
"We placed our first aircraft into service for Amazon in August, and we moved forward with preparations to ramp up to 20 by the end of 2018," Mr Flynn said.
"We also made progress toward integrating Southern Air and the two new operating platforms that it adds," he said.
The Purchase, New York company抯 expenses increased 5.3 per cent to $422 million. Quarterly operating profit was $26 million, down 46.9 per cent year on year.
The company will supply air cargo carrier FedEx Express with five Boeing 747-400 freighters during the December peak-flying seasons of 2017 through 2021.
"We have worked closely with FedEx for many years, with an agreement to provide five aircraft for 2016 peak-season flying already in place," said Atlas president and CEO William Flynn.
"This new agreement will enable both of our companies to better plan for the longer term."
"We [continue] to focus on increasing our alignment with the faster-growing express and e-commerce markets. Our third-quarter results were at the upper end of the range that we expected," Mr Flynn said.
He also said peak season demand was expected to be solid with seasonal improvement in commercial air freight yields.
"We continue to believe strongly in the future of air freight, express and e-commerce," he said.
Atlas Air Worldwide is parent company to Atlas Air, Southern Air Holdings and Titan Aviation Holdings, and owns most of Polar Air Cargo.
Atlas Air抯 agreement with Seattle-based retail giant Amazon was reached in May. Under the agreement, Atlas Air Worldwide subsidiary Atlas Air will operate 20 767-300Fs on a crew, maintenance and insurance [ACMI] contract with Amazon for an initial term of seven years.
"We placed our first aircraft into service for Amazon in August, and we moved forward with preparations to ramp up to 20 by the end of 2018," Mr Flynn said.
"We also made progress toward integrating Southern Air and the two new operating platforms that it adds," he said.
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