Atlas Air Worldwide Holdings posted second-quarter net income of $29.6 million, up 47.5% from the $20 million net profit reported in the year-ago quarter. Purchase, New York-based Atlas Air Worldwide is parent company to Atlas Air and Titan Aviation Leasing, and majority owner of Polar Air Cargo.

“Our second-quarter results illustrate the positive contributions being generated by the investments we’ve made and the initiatives we’ve undertaken,” Atlas Air president and CEO William Flynn said. “In the face of an uncertain airfreight market and an anticipated decline in military cargo demand we have diversified our business mix and are driving business resilience.”

Atlas’ adjusted net income for the second-quarter, reconciled to non-GAAP measures, was $15.9 million, down 22.1% year-over-year from the $20.4 million in adjusted net income for the second quarter of 2013.  Atlas’ adjusted earnings exclude a special charge of $1 million after tax, related to the company’s UK affiliate Global Supply Systems Limited. Additional adjusted earnings exclusions included an income tax benefit of $24 million, “due to beneficial tax planning related to the tax treatment of extraterritorial income,” the company said. “This was partly offset by a noncash loss of $9.4 million after tax … resulting from the trade-in of used spare engines for new engines under the company’s engine acquisition program.”

For the second quarter, Atlas Air’s consolidated operating revenue increased 9.3% year-over-year to $441.2 million. Operating expenses grew 16.7% year-over-year to $414.5 million. Consolidated operating income for the quarter was $26.7 million, down 45% year-over-year from $48.5 million in the year-ago quarter.

Atlas’ ACMI division second-quarter revenue grew 2.6% year-over-year to $186.7 million. ACMI block hours flown fell 2.5% to 27,652 and ACMI revenue per block hour increased 5.2% to $6,752. “Results within our ACMI segment are benefiting from modern [Boeing] 747-8 freighters as well as an increase in flying for our CMI customers,” Flynn said.

Revenue at Atlas’ dry leasing division quadrupled year-over-year during the second quarter, to $25.5 million. Atlas points to the addition of five Boeing 777F aircraft since July 2013 (bringing its 777 freighter total to six) as the division’s source of increased profitability.

Atlas’ commercial charter business segment posted second-quarter revenue of $134 million, up 13.7% year-over-year. Commercial charter block hours flown grew 6.2% year-over-year to 6,727 and commercial charter revenue per block hour increased 7% from the year-ago-quarter to $19,913.