Atlas Air Worldwide Inks New ACMI Contract With FedEx

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  • Atlas Air Worldwide Holdings, Inc AAWW subsidiary Atlas Air, Inchas entered into a long-term agreement with FedEx Corp FDX to provide two 747-400 freighter aircraft on a full-time aircraft, crew, maintenance, and insurance (ACMI) basis. 
  • This agreement is in addition to the company's existing multi-year peak season contract that provides FedEx with a minimum of five aircraft during the fourth quarter.
  • Both 747-400 freighters have entered service and are flying on behalf of FedEx to support the express and e-commerce network.
  • Earlier today, FedEx reported worse-than-expected Q1 earnings, which disappointed Wall Street analysts, resulting in Price Targets cuts
  • Price Action: AAWW shares traded higher by 2.31% at $74.27, while FDX traded lower by 7.9% at $232.16 on the last check on Wednesday.
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