Atlas Air Worldwide Holdings Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total operating revenue of $377.336 million compared to $359.304 million a year ago. Operating income was $22.597 million compared to $20.579 million a year ago. Income before income taxes was $10.183 million compared to $18.174 million a year ago. Net income attributable to common stockholders was $20.078 million or $0.76 per diluted share compared to $12.835 million or $0.48 per diluted share a year ago. Results in the quarter were also affected by higher non-operating expenses, primarily due to a reduction in capitalized interest on 747-8F aircraft that entered service. Net cash provided by operating activities was $54.389 million compared to $18.088 million a year ago. Capital expenditures were $10.548 million compared to $10.726 million a year ago. Adjusted net income attributable to common stockholders was $5.903 million or $0.22 per diluted share compared to $13.636 million or $0.51 per diluted share a year ago. Free cash flow was $42.439 million compared to $1.010 million a year ago. Adjusted pretax income was $10.160 million compared to $19.431 million a year ago. EBITDA, as adjusted was $40.382 million compared to $36.139 million a year ago. EBITDAR, as adjusted was $80.390 million compared to $75.557 million a year ago. The company affirmed previous guidance for the year 2013 but rising expected adjusted earnings per share to $4.80 from $4.65 to reflect actual and anticipated share repurchases. The company expects to generate strong earnings and cash flow in 2013. Including the extraterritorial income tax benefit of $0.54 per share, reported fully diluted earnings per share in 2013 is expected approximately $5.34. Expectation for operating performance is unchanged from the outlook the company issued last quarter. The company continues to anticipate a sequential increase in quarterly earnings throughout the year, with approximately 75% of adjusted earnings per share and 66% of reported earnings per share occurring in the second half. All of the business efforts that the company is talking about should continue to generate significant free cash flow per share in 2013 and into the future. For the full year, block-hour volumes in 2013 are now expected to total approximately 175,000 hours. ACMI segment flying should account for about 135,000, or 77%, of expected 2013 block hours, with about 22,000, or 13%, in Commercial Charter and 18,000, or 10%, in AMC Charter. Passenger charter flying should account for more than 10,000 AMC Charter block hours in 2013. For the quarter, block hours in ACMI were 28,089, AMC charter cargo were 1,874, passenger were 2,561, commercial charter were 4,719 and non Revenues were 190 compared to block hours in ACMI of 24,509, AMC charter cargo of 3,189, passenger of 1,850, commercial charter of 3,691 and non revenue of 434 a year ago.

Atlas Air Worldwide Holdings Inc. confirmed the placement of its eighth Boeing 747-8 Freighter into ACMI service. The aircraft will fly on behalf of Etihad Cargo, pursuant to a multiyear aircraft, crew, maintenance and insurance agreement that commences in May 2013. The new contract between the companies follows a letter of intent announced on April 1, 2013, and complements an existing Boeing 747-400F ACMI arrangement between Atlas and Etihad. The aircraft will be operated in full Etihad Cargo livery.

Atlas Air Worldwide Holdings Inc., Q1 2013 Earnings Call, May 02, 2013