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Atlas Air Cuts Forecast On Market Softness

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Cargo carrier Atlas Air posted a higher quarterly profit on Thursday but cut its full-year forecast, citing a softer-than-expected air freight market.

Net income was USD$33.9 million, or USD$1.27 a share, in the third quarter, compared with USD$28.2 million, or USD$1.07 a share, a year earlier.

Revenue rose 13 percent to USD$409.3 million.

Atlas Air, which provides charter freight services to commercial airlines and the US military, said it now expects full-year profit to exceed USD$4.65 a share, compared with an August forecast calling for earnings to top USD$5.10 a share.

(Reuters)