In a time of lagging performance in many areas of the air cargo sector, Atlas Air is one carrier that appears to be enjoying the fruits of its labor this year. The company announced adjusted net income of US$29.4 million, or $1.17 per diluted share, for the second quarter of 2015. After taking into account several one-time charges from Q2s in 2014 and 2015, Atlas’ adjusted Q2 net income rose by more than 85 percent, year over year.
The air charter and aircraft leasing operation said its free cash flow for Q2 was $68.5 million, compared to $59.2 million in Q2 2014. “Earnings in the second quarter were driven by contribution and margin strength in ACMI charter and dry leasing,” said William J. Flynn, president and CEO of Atlas Air.
Flynn also said he anticipates 55 percent of earnings to occur in the second half of the year and that he expects a relatively strong peak season. Some of the larger freight forwarders, he added, are already starting to reserve space in preparation for peak demand.