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Shares in Atlas Air rose 13% yesterday as it announced a 6.9% rise in operating revenue – equating to net income of $0.32 per share. But, as Cargo Facts points out, on a reported basis, net income fell 60% in the first quarter. Adjusted earnings per share of $0.45 in 1Q14 excluded a special charge of $0.13 per share, mainly related to its UK “affiliate”, Global Supply Systems Limited.

More interesting, perhaps, is the merry-go-round happening in the Atlas fleet. With IAG Cargo’s 747-8Fs back in the fold, the ACMI specialist is shuffling the pack – two aircraft will replace 747-400Fs used in Polar’s network, operated by Atlas for DHL. These, along with the third 747-8F, will go into “revenue service”, which, according to Atlas, means “the aircraft will be put in immediate service in our charter and South American operations”.

More on Atlas next week…

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