Atlas Air Worldwide Confirms Ratification of Interim Agreement With Southern Air Pilots
August 09 2018 - 6:45PM
Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today said that
pilots employed by its Southern Air, Inc. subsidiary have ratified
an agreement between Southern Air and Local 1224 of the
International Brotherhood of Teamsters (IBT) for interim
enhancements to the collective bargaining agreement between the
parties.
The interim agreement increases pay rates for
Southern Air pilots to the same wage scales as provided to pilots
of Atlas Air, Inc. It also provides for a ratification bonus and
other terms and conditions that are comparable to those provided to
their colleagues at Atlas Air.
“We are pleased to enter into this agreement to
benefit our Southern Air pilots, and we appreciate the hard work
and commitment of the IBT during the entire process,” said Atlas
Air President and Chief Operating Officer John W. Dietrich. “We
look forward to continuing our collaborative and productive
discussions with the IBT leadership as we proceed toward the merger
of Atlas Air and Southern Air and the completion of a joint
collective bargaining agreement covering all of our pilots.”
The expected financial and operating impacts of
the tentative agreement in 2018 were incorporated in Atlas Air
Worldwide’s earnings growth framework announced on August 2, 2018.
As indicated, the company anticipates that its full-year 2018
adjusted net income will grow by 45% to 50% compared with 2017.
The company provides guidance on an adjusted
basis because we are unable to predict, with reasonable certainty,
the effects of outstanding warrants and other items that could be
material to our reported results.
Mr. Dietrich added: “We value the
professionalism and contributions of our Atlas Air and Southern Air
crewmembers and the excellent service they provide every day. We
also remain committed to completing the bargaining process for a
joint contract in a timely manner and in the best interests of all
parties.”
About Atlas Air Worldwide:
Atlas Air Worldwide is a leading global provider
of outsourced aircraft and aviation operating services. It is the
parent company of Atlas Air, Inc., Southern Air Holdings, Inc. and
Titan Aviation Holdings, Inc., and is the majority shareholder of
Polar Air Cargo Worldwide, Inc. Our companies operate the world’s
largest fleet of 747 freighter aircraft and provide customers a
broad array of Boeing 747, 777, 767, 757 and 737 aircraft for
domestic, regional and international applications.
Atlas Air Worldwide’s press releases, SEC
filings and other information may be accessed through the company’s
home page, www.atlasair.com.
This release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 that reflect Atlas Air Worldwide’s current views
with respect to certain current and future events and financial
performance. Those statements are based on management’s beliefs,
plans, expectations and assumptions, and on information currently
available to management. Generally, the words “will,” “may,”
“should,” “expect,” “anticipate,” “intend,” “plan,” “continue,”
“believe,” “seek,” “project,” “estimate,” and similar expressions
used in this release that do not relate to historical facts are
intended to identify forward-looking statements.
Such forward-looking statements speak only as of
the date of this release. They are and will be, as the case may be,
subject to many risks, uncertainties and factors relating to the
operations and business environments of Atlas Air Worldwide and its
subsidiaries (collectively, the “companies”) that may cause the
actual results of the companies to be materially different from any
future results, express or implied, in such forward-looking
statements.
Factors that could cause actual results to
differ materially from these forward-looking statements include,
but are not limited to, the following: our ability to effectively
operate the network service contemplated by our agreements with
Amazon, including the cost and timing of securing any aircraft
necessary to fulfill our agreements; the risk that the anticipated
benefits of our agreements with Amazon will not be realized when
expected, or at all; the possibility that Amazon may terminate its
agreements with the companies; the ability of the companies to
operate pursuant to the terms of their financing facilities; the
ability of the companies to obtain and maintain normal terms with
vendors and service providers; the companies’ ability to maintain
contracts that are critical to their operations; the ability of the
companies to fund and execute their business plan; the ability of
the companies to attract, motivate and/or retain key executives,
pilots and associates; the ability of the companies to attract and
retain customers; the continued availability of our wide-body
aircraft; demand for cargo services in the markets in which the
companies operate; economic conditions; the effects of any
hostilities or act of war (in the Middle East or elsewhere) or any
terrorist attack; failure or disruption of our information
technology systems; labor costs and relations, work stoppages and
service slowdowns; the outcome of pending negotiations with our
pilots’ union; financing costs; the cost and availability of war
risk insurance; our ability to maintain adequate internal controls
over financial reporting; aviation fuel costs; security-related
costs; competitive pressures on pricing (especially from lower-cost
competitors); volatility in the international currency markets;
weather conditions; government legislation and regulation; changes
to our provisional estimates of the impact of the U.S. Tax Cuts and
Jobs Act of 2017; consumer perceptions of the companies’ products
and services; anticipated and future litigation; and other risks
and uncertainties set forth from time to time in Atlas Air
Worldwide’s reports to the United States Securities and Exchange
Commission.
For additional information, we refer you to the
risk factors set forth under the heading “Risk Factors” in the most
recent Annual Report on Form 10-K and subsequent reports on Form
10-Q filed by Atlas Air Worldwide with the Securities and Exchange
Commission. Other factors and assumptions not identified above may
also affect the forward-looking statements, and these other factors
and assumptions may also cause actual results to differ materially
from those discussed.
Except as stated in this release, Atlas Air
Worldwide is not providing guidance or estimates regarding its
anticipated business and financial performance for 2018 or
thereafter.
Atlas Air Worldwide assumes no obligation to
update such statements contained in this release to reflect actual
results, changes in assumptions or changes in other factors
affecting such estimates other than as required by law and
expressly disclaims any obligation to revise or update publicly any
forward-looking statement to reflect future events or
circumstances.
Contacts:
Dan Loh (Investors) – (914) 701-8200Elizabeth
Roach (Media) – (914) 701-6576
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