Amazon deal 'promises much', but Atlas Air fails to acknowledge elephants in the room

© Ivan Cholakov

Atlas Air’s earnings call with analysts yesterday – perhaps unsurprisingly – focused on the Amazon deal. But as Atlas doesn’t comment on individual customer contracts, there was little to be learned.

More important, perhaps, was what else wasn’t said.

Atlas did not have great first-quarter results – much in line with the rest of the industry, following a good first quarter in 2015. Adjusted net income was down 70% to $7.7m from $25.8m a year earlier. On a reported basis, net income was ...