Atlas Air ratifies interim agreement with Southern Air pilots
Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today said that pilots employed by its Southern Air, Inc. subsidiary have ratified an agreement between Southern Air and Local 1224 of the International Brotherhood of Teamsters for interim enhancements to the collective bargaining agreement between the parties. The interim agreement increases pay rates for Southern Air pilots to the same wage scales as provided to pilots of Atlas Air, Inc. It also provides for a ratification bonus and other terms and conditions that are comparable to those provided to their colleagues at Atlas Air. The expected financial and operating impacts of the tentative agreement in 2018 were incorporated in Atlas Air Worldwide's earnings growth framework announced on August 2, 2018. As indicated, the company anticipates that its full-year 2018 adjusted net income will grow by 45% to 50% compared with 2017.