Atlas Air Worldwide Holdings (Atlas Air) has reported full-year 2022 results, including net income of US$355.9 million, compared to a net income of US$493.3 million in 2021. On an adjusted basis, EBITDA totalled US$899.2 million in 2022 compared with US$1.1 billion in 2021. Adjusted net income in 2022 totalled US$418.0 million, compared to US$551.0 million in 2021.
For the fourth-quarter Atlas Air reported that revenue grew to US$1.21 billion compared to US$1.16 billion in the prior-year quarter. Volumes in the fourth quarter of 2022 totalled 84,916 block hours compared with 91,985 in the fourth quarter of 2021.
For the three months ended December 31, 2022, net income totalled US$126.0 million, compared to US$176.7 million in the fourth quarter of 2021.
On an adjusted basis, EBITDA was US$286.8 million in the fourth quarter of 2022 compared with US$361.8 million in the fourth quarter of 2021. Adjusted net income in the fourth quarter of 2022 totalled US$153.1 million, compared to US$211.6 million in the prior-year period.
Atlas Air’s reported earnings in the fourth quarter of 2022 also included an effective income tax rate of 22.6%. On an adjusted basis, the results reflected an effective income tax rate of 21.1%.
As previously announced, on August 4, 2022, Atlas Air Worldwide entered into a definitive agreement to be acquired by an investor group led by funds managed by affiliates of Apollo Global Management, Inc., together with investment affiliates of J.F. Lehman & Company, LLC and Hill City Capital LP. In light of this pending acquisition, Atlas Air Worldwide will not hold an earnings conference call or provide forward-looking guidance.
The company is working to complete the transaction in the first quarter of 2023 and continues to make progress toward obtaining necessary approvals. At this time, Atlas Air is awaiting final approval from the U.S. Department of Transportation and has received all other required shareholder and regulatory approvals.
