Atlas Air sees profits soar on the back of free money, as it 'fails to read the room'

© Mariakonosky

Atlas Air, as expected, had a rather good 2020: 2019’s losses of $293m turned into net profit of $360m – a turnaround of some $653m.

Adjusted ebitda rose 67% to $844m for the full year and Atlas now has plenty of funding flexibility in a market flushed with liquidity.

But perhaps the most interesting measure is cash: all cash and cash equivalents (including restricted) soared more than 650% to $856.3m. Not a bad haul.

However, it’s perhaps a less good result for the ...