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Atlas Air Worldwide Holdings has completed a significant step towards finalizing its merger with Southern Air by signing a new joint collective bargaining agreement (JCBA) for its pilots. The five-year agreement, reached through negotiations and arbitration, ensures pilots receive higher pay and enhanced benefits. Implementation of the pay increases will begin in October. The company remains optimistic about future growth, citing strong demand for its services and plans to leverage favorable global airfreight market conditions.
Atlas Air Worldwide (Nasdaq: AAWW) has signed a Memorandum of Agreement with Sharp Technics K to establish a maintenance, repair, and overhaul (MRO) facility at Incheon International Airport, expected to open in 2025. This facility will support multiple wide-body aircraft simultaneously, enhancing airfreight operations and e-commerce growth. Atlas Air's CEO noted that this partnership will streamline maintenance planning in the Asia-Pacific region, while Incheon International Airport aims to bolster its position in the global MRO aviation industry.
Atlas Air, a subsidiary of Atlas Air Worldwide Holdings (Nasdaq: AAWW), is actively supporting the U.S. military’s evacuation efforts from Afghanistan through the Civil Reserve Air Fleet (CRAF). The company is providing three 747 passenger aircraft and additional 767 aircraft for these crucial missions. CEO John W. Dietrich highlighted Atlas Air's commitment to national service, emphasizing over 20 years of support for the military.
As a leading global provider of aviation services, Atlas operates the largest fleet of 747 freighters, catering to various cargo and passenger needs.
Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide (Nasdaq: AAWW), has appointed Eamonn Forbes as Senior Vice President and Chief Commercial Officer of Titan Asset Management Ireland, effective August 23, 2021. Forbes will oversee global sales and marketing, reporting to CEO Michael Steen. He brings over 15 years of experience in aviation leasing, previously holding senior roles at notable firms. Titan Aviation is recognized as a leading freighter lessor, operating a fleet valued over $1.4 billion, and aims to leverage its joint venture with Bain Capital Credit for further growth.
Atlas Air Worldwide Holdings (Nasdaq: AAWW) released its second environmental, social, and governance (ESG) report, emphasizing its sustainability efforts and progress in 2020. The report, themed 'Caring for the World We Carry', details key initiatives across four ESG priorities: Responsible Business Growth, Environmental Stewardship, Career, Culture & Equity for Our People, and Social Impact & Community Engagement. Highlights include supporting local communities during the pandemic, enhancing ESG oversight, completing sustainable aviation fuel test flights, and improving employee experience through diversity and inclusion strategies.
Atlas Air Worldwide Holdings reported a second-quarter net income of $107.1 million ($3.53 per share), a significant increase from $78.9 million in Q2 2020. Adjusted EBITDA was $243.7 million, slightly lower than $247.0 million a year ago. For Q3, revenue is expected to approach $1.0 billion, with adjusted EBITDA around $250 million. The report indicates a favorable outlook for air cargo demand but acknowledges uncertainties due to COVID-19 and its variants.
Atlas Air Worldwide Holdings (Nasdaq: AAWW) will announce its Q2 financial results on August 5, 2021, before the stock market opens. The conference call will take place at 11:00 A.M. Eastern Time, hosted by President and CEO John W. Dietrich and CFO Spencer Schwartz. Interested listeners can join live through the Investor site. A replay will be available until August 12.
Arch Street Capital Advisors and VEREIT have acquired a 100,000 SF regional headquarters for Atlas Air, located near Cincinnati/Northern Kentucky International Airport. The property is fully leased to Atlas Air, a subsidiary of Atlas Air Worldwide Holdings (NASDAQ: AAWW). This acquisition supports Arch and VEREIT’s strategy of acquiring high-quality, long-term leased office assets. Noted for its strategic location and the tenant's creditworthiness, this property is expected to enhance the Partnership's investment portfolio.
Atlas Air Worldwide Holdings (Nasdaq: AAWW) has appointed General Duncan J. McNabb as the new Chairman of its Board of Directors, succeeding William J. Flynn, who is retiring. The company also elected Beverly K. Goulet and Carol J. Zierhoffer as new board members during its Annual Shareholder Meeting. McNabb, a board member since 2012, expressed his commitment to leading the company forward. The Board's composition remains at ten members with the retirement of Jane H. Lute, acknowledged for her leadership experience in cybersecurity and public policy.
Atlas Air Worldwide (Nasdaq: AAWW) announced its subsidiaries, Atlas Air and Polar Air Cargo, have received the Center of Excellence for Independent Validators (CEIV) Corporate Pharma credential from IATA. This certification verifies their commitment to safe transport of temperature-sensitive pharmaceuticals, including vaccines. The certification underscores Atlas Air's operational reliability and ability to meet increasing demand for cold-chain transportation amidst ongoing global health challenges. The CEIV Pharma certification is valid through 2024.
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