Atlas Air Worldwide Holdings earned $32.4 million in the third quarter on revenue of $395.9 million.

The global air cargo operator turned in a 357 percent improvement in net income with an increase in revenue of just 10 percent. The company attributed the accomplishment to savings and efficiency improvements in maintenance, fuel, procurement and inventory. Continued strong demand in the commercial charter segment aided revenue growth.

"Our strong third-quarter performance confirms our strategy of optimizing our asset base, our product mix, and our operations," said William J. Flynn, president and CEO.

"Our focus on operational execution delivered a 4.1 percent increase in aircraft utilization during the quarter and helped overcome the impact of continuing high fuel prices to produce a 28.8 percent improvement in EBITDA."

Atlas continues to realign its business toward leasing and outsourcing, said Flynn. He expects a strong fourth quarter and full year. A year from now, Atlas will begin providing express network ACMI service to DHL Express through Polar Air Cargo Worldwide.