Atlas Air Worldwide Posts Higher 3Q Earnings

PURCHASE, N.Y. (AP) — Cargo hauler Atlas Air Worldwide Holdings Inc. reported sharply higher third-quarter profit Monday, helped by stronger demand and reduced costs.

Net income jumped to $14.7 million, or 70 cents per share, for the three months ended Sept. 30. That compares with $5.2 million, or 24 cents per share, during the same period a year earlier.

Revenue rose 45 percent to $255.5 million from $460.7 million.

Analysts expected a profit of 57 cents per share on revenue of $237.4 million, according to a poll by Thomson Reuters. Wall Street estimates generally exclude one-time items.

The results reflect separate financial reporting for Polar Air Cargo Worldwide Inc., a company in which Atlas Air has a 51 percent interest and the consolidation of Global Supply Systems Ltd., in which Atlas Air has a 49 percent stake.

"Our strong third-quarter earnings ... reflect our successful efforts to transform our business, our operating cost base and our fleet throughout 2008 and 2009," William J. Flynn, the company's president and CEO, said in a statement.