Atlas Air Worldwide Holdings reported a higher-than-expected quarterly profit as it cut costs amid a drop in freight traffic.
The leasing company said net income came to $11.3 million, up from $1.5 million, according to Reuters.
Excluding a gain from consolidation of a subsidiary, profit came to 53 cents a share, compared with 40 cents expected by analysts, according to Reuters Estimates.
Revenue fell 45 percent to US$240 million, while operating expenses fell 50 percent.
The company said global air freight traffic was showing signs of improvement but added there was still an imbalance between traffic and capacity.
During a conference call, company Chief Executive William Flynn said second-half earnings would mirror those of the first half, excluding one-time items. Earnings for the first half came to $34.7 million, or $1.66 a diluted share, compared with a loss of $3.8 million, or 18 cents a share, a year earlier.
The company also said it expects retirement of older aircraft to continue in the industry.
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