Atlas Air Worldwide has suffered a first quarter 2019 net loss of $29.7 million, compared with reported income of $9.6 million, in the first quarter of 2018.
Reported results for the latest quarter included an unrealised loss on outstanding warrants of $46.6 million compared with an unrealised loss on outstanding warrants of $7.7 million in the year-ago period.
On an adjusted basis, net income in the first quarter of 2019 increased $3.5 million to $27.3 million, from adjusted income of $23.8 million, compared to the same period last year.
“Our first-quarter results exceeded our expectations. We are benefitting from a full year of flying the 16 aircraft we added during 2018 for customers such as Amazon, Asiana Cargo, DHL Express, Inditex and SF Express, as well as the three aircraft for Nippon Cargo Airlines that we are adding this year," said Atlas Air Worldwide president and chief executive officer William J. Flynn. “Reflecting the scale and scope of our domestic and worldwide operations, we continue to anticipate that our adjusted net income in 2019 will grow by a mid- to upper-single-digit percentage compared with the record adjusted net income of $204.3 million that we reported in 2018.