Atlas Air Worldwide Holdings Inc posted a higher-than-expected quarterly profit and forecast 2011 earnings above current Wall Street estimates, sending the cargo carrier's shares up as much as 11.6 percent to a nearly three-year high.

The company has posted strong results over the past year as global freight markets recover. It said it expected airfreight shipments to continue to increase from record 2010 levels, aided by strength in Asia.

Net income rose to $41.6 million, or $1.58 a share, in the seasonally strong fourth quarter from $28.3 million, or $1.17 a share, a year earlier.

Analysts on average expected $1.34 a share, according to Thomson Reuters I/B/E/S.

Revenue rose 12 percent to $359.7 million, compared with analysts' expectations of $340 million.

Atlas Air, which benefited in the quarter from strong charter demand in Latin America and Asia, said it expected earnings to top $5.30 a share this year. Analysts expect $5.24. (Reuters)