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Friday, October 17, 2008

Atlas Air Updates

On Tuesday this week, Atlas Air updated their 2008 Outlook due to tempered results driven by harsh market conditions. Currently, Atlas runs both commercial and charter business to a wide array of clients in both the United States and Canada. Prior to the refreshed update, Atlas had forecast approximate earnings of $85 million, but has reigned in that figure to $65 million due to the aforementioned climate.
“We have updated our outlook for 2008 based on market conditions affecting our Scheduled Service and Commercial Charter business segments, where lower utilization of our 747-200 aircraft and weaker yields are having a negative impact,” said William J Flynn, President and Chief Executive.
Atlas Air expects a rebound in the second quarter of 09' due to an extensive agreement with DHL which will implement an express network as well as solidify their efficiency. The agreement had been blocked as of Oct. 08',  but will be lifted in order to benefit both companies who have been hit hard by the recent economic crunch.