Cargo carrier Atlas Air Worldwide Holdings Inc said quarterly profit fell as maintenance expense rose and it paid more for aircraft fuel.

Net income came to $10.5 million, or 40 cents a diluted share, in the first quarter, down 69 percent from $33.8 million, or $1.30 a share, a year earlier, the company.

Results included costs of 44 cents tied to higher maintenance expenses and start-up costs of 6 cents for new business opportunities including military passenger service. Adjusted for items, profit came to 90 cents in the period, compared with 80 cents expected by analysts on average, according to Thomson Reuters I/B/E/S.

Revenue edged up to $297.6 million in the quarter from $295.2 million, below $314 million expected by analysts. Operating expenses came to $281.1 million, up 14 percent from a year earlier, largely reflecting maintenance and aircraft fuel.

The company stood by a prior forecast calling for full-year profit better than $5.30 a share.

Atlas Air said its outlook assumes that it will receive three Boeing Co 747-8 Freighter jets in the fourth quarter, but added it did not not yet have a final delivery schedule agreement with Boeing. (Reuters)