When Atlas Air Worldwide Holdings, parent of Atlas Air and Polar Air Cargo, posted third-quarter 2010 net income of $34 million, well more than double a $14.1 million profit in the year-ago period, the news was unremarkable. After all, throughout the global recession and the worst downturn in the history of air cargo, the 747 freighter operator was one of commercial aviation’s steadier financial performers. With the economy rebounding, it was little surprise to see the company ...

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