Benzinga | Nov 5, 2020 10:11AM EST

Atlas Air Beats Q3 Estimates On Strong Demand For Air Cargo

Atlas Air (NASDQ: AAWW) reported Thursday that third quarter net income grew $14 million to $74.1 million, with adjusted pre-tax earnings, earnings per share and revenue all above analysts estimates driven by the macro trend of strong demand for air cargo.

The Purchase, N.Y., all-cargo carrier said total revenue grew 25% to $810 million, compared to the consensus estimate of $797.2 million. Adjusted earnings before interest, taxes, depreciation and amortization were $196.3 million, compared to Wall Street's expectation of $177 million. Earnings per share of $2.84 beat the Street by 38 cents per share.

The better than expected results were primarily powered by stronger yields and more block hours in long-term outsourced flying and cargo charters.

(Updates to follow)

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