ATLANTA (Reuters) - Cargo carrier Atlas AirWorldwide Holdings Inc raised its profit outlookTuesday, citing strength in the global airfreight market, andits shares gained in premarket trade.
The provider of charter freight services to commercialairlines and the U.S. military said it now expects earningsexcluding items to top $5.30 a share for this year. In August,the company said full-year profit would likely exceed $4.35 ashare.
Analysts had expected profit of $4.54 a share for Atlas Airfor this year, according to Thomson Reuters I/B/E/S.
Including items tied to legal settlements and gains ondisposal of aircraft assets, Atlas Air said 2010 profit wouldlikely top $4.97 a diluted share.
"Air shipments of new, high-tech products, as well asjust-in-time inventory management practices by businesses arecontributing to the strength in demand for airfreight," AtlasAir Chief Executive William Flynn said in a statement.
The company also said strengthening business fromcommercial customers would help offset an expected moderationin military demand in the second half.
Atlas Air shares were up more than 9 percent to $54.25 inpremarket trade before the opening bell from their Monday closeof $49.49 on Nasdaq. (Reporting by Karen Jacobs, editing by Gerald E. McCormick)