Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating services, today provided an update of its business outlook prior to a scheduled presentation to investors at the CJS Securities New Ideas for the New Year conference on January 16.
As previously announced, Atlas Air Worldwide anticipates that reported and adjusted fully diluted earnings in 2012 will total more than $4.65 per share. The company intends to report results for the fourth quarter and full year on February 13, 2013.
Formal guidance for 2013 will also be provided on February 13. Guidance and ultimate performance for the year will be shaped by global economic growth and airfreight market conditions, which are likely to remain subdued well into the year. Despite these pressures, the company expects to perform well in 2013, with earnings for the year currently anticipated to be in line with full-year 2012 results.
Slides supporting the company’s January 16 presentation and summarizing its business outlook may be viewed and downloaded from the company’s website, www.atlasair.com, by clicking on the link to “Current Investor Relations Presentation” in the upper right-hand corner of the home page.Atlas Air Worldwide has also completed a review of its capital allocation strategy. The review addressed the appropriate allocation of the company’s current and expected future cash balances between investments to support business growth, balance sheet strength, and returns of capital to stockholders. The company anticipates that cash in excess of business investments and balance sheet maintenance requirements will be available for share repurchases. It intends to begin actively purchasing shares in the first quarter of 2013 after filing its Form 10-K annual report for 2012 on or about February 13. Share purchases would recommence under a previously announced $100 million share repurchase program. Up to $81 million remains available for purchases under that program. Repurchases of shares may take the form of an open market repurchase program, accelerated stock repurchase program, privately negotiated transactions, or a combination of these methods. Actual timing and amount of the repurchases will depend on market conditions.
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