Atlas Air Worldwide Holdings, Inc. HAS announced full-year 2022 results, including net income of $355.9 million, compared with net income of $493.3 million in 2021.
On an adjusted basis, EBITDA totaled $899.2 million in 2022 compared with $1.1 billion in 2021.
“2022 was one of the best years in Atlas’ history, and we are pleased that we placed all eight of our new and incoming aircraft under long-term contracts.”
“All four new 747-8Fs and the first of four 777Fs have been delivered and are operating for strategic customers under attractive long-term agreements,” said Atlas Air Worldwide President and Chief Executive Officer John W. Dietrich.
Mr. Dietrich added: “In January, we took delivery of the final 747 ever to be produced by Boeing during an historic ceremony.”
“Although the celebration marked the end of the 54-year production run for the ‘Queen of the Skies,’ it is only the beginning for this aircraft, which will serve the airfreight market for decades to come.
“Atlas began over 30 years ago with a single 747-200 freighter and since then, we became, and still are, the world’s largest operator of 747 freighters. Our company’s history and success are directly linked to the 747 platform, and it is fitting that we took delivery of the final four of these iconic aircraft.”
He concluded: “I also want to thank the Atlas team for their continued efforts to deliver safe and reliable service to our customers throughout 2022.”
Revenue grew to $1.21 billion in the fourth quarter of 2022 compared with $1.16 billion in the prior-year quarter.
For the three months ended December 31, 2022, the carrier’s reported net income totaled $126.0 million, with $176.7 million in the fourth quarter of 2021.
Higher Airline Operations revenue primarily reflected an increase in the average rate per block hour, partially offset by a reduction in block hours flown.
Block hours decreased primarily due to the impact of severe winter storms and a reduction in less profitable smaller gauge CMI flying.
The abnormal increase in severe weather events also adversely impacted crew availability and the carrier’s ability to position them due to the widespread and well-publicized cancellations of commercial passenger flights.
Airline Operations segment contribution decreased during the quarter primarily due to increased pilot costs related to higher overtime pay driven by operational disruptions.
It also included an abnormal increase in severe weather events, as well as higher crew travel costs related to higher commercial passenger airfare rates.
These items were partially offset by the contribution from new 747-8F and 777-200LRF aircraft delivered in 2022, as well as lower heavy maintenance expense.
Revenue increased to $4.5 billion in 2022 from $4.0 billion in 2021. Volumes in 2022 totaled 330,738 block hours compared with 364,061 in 2021.
For the twelve months ended December 31, 2022, reported net income was $355.9 million compared with $493.3 million in 2021.
All four new 747-8Fs have been delivered, including the final 747 in January 2023. All four of these aircraft are placed with strategic customers under long-term agreements.
All four new and incoming 777-200LRFs were placed under a long-term ACMI contract with MSC Mediterranean Shipping Company SA.
The first aircraft was delivered in late November 2022, with three more expected to be delivered throughout 2023.
As previously disclosed, Atlas Air purchased five existing 747-400Fs at the end of their leases during 2022, all of which were acquired between March and December.
In November 2022, they reached an agreement with one of the lessors to purchase a 747-400F at the end of its existing lease term. The carrier expects to complete the acquisition of the aircraft by April 2023.