Atlas Air cuts full-year forecast on air freight market softness

Thu Nov 1, 2012 8:29am EDT

Nov 1 (Reuters) - Cargo carrier Atlas Air Worldwide Holdings Inc posted a higher quarterly profit on Thursday but cut its full-year forecast, citing a softer-than-expected air freight market.

Net income was $33.9 million, or $1.27 a share, in the third quarter, compared with $28.2 million, or $1.07 a share, a year earlier.

Revenue rose 13 percent to $409.3 million.

Atlas Air, which provides charter freight services to commercial airlines and the U.S. military, said it now expects full-year profit to exceed $4.65 a share, compared with an August forecast calling for earnings to top $5.10 a share.

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