March 2 - Atlas Air Worldwide Holdings (AAWW) achieved record revenues for the fourth quarter of 2016, reporting an adjusted income from continuing operations totalling USD59 million, compared with USD39.4 million in the fourth quarter of 2015.
William Flynn, president and ceo AAWW, said: "2016 was a historic year for Atlas, and we finished it on a strong note.
"We acquired Southern Air, expanding the array of aircraft and services that we provide, especially to the fast-growing express market. We entered into strategic, long-term agreements with Amazon to serve its rapidly growing e-commerce business. And we generated strong sequential and year-over-year improvements in our block-hour volumes, revenue, profitability and margins in the fourth quarter. In addition to record revenues in the quarter, we delivered a significant increase in reported earnings and record adjusted earnings for the period.
"Our performance in the fourth quarter was driven by the additional seasonal flying we did for express operators, growing e-commerce demand, and a lower level of maintenance expense. It also reflected a solid peak season and a seasonal improvement in commercial airfreight yields."
AAWW believes the current demand, the initial accretion from its Amazon operations, and the first full-year contribution from Southern Air will provide a strong foundation for earnings growth in 2017.
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