SkyWest Airlines hails ‘significant quarter’ in latest results

Darren Wood
By Darren Wood April 26, 2019 11:03

SkyWest Airlines hails ‘significant quarter’ in latest results

SkyWest Airlines has reported an increase in its net income for its current financial year, in part thanks to its ongoing fleet transition, with the airline adding 43 new aircraft since Q1 2018, as well as reduced aircraft ownership costs resulting from early lease buyouts executed in early 2019.

Net income for the quarter came in at $88 million, compared to net income of $54 million for Q1 2018. The group’s adjusted net income was $69 million, up 27% from the corresponding period in 2018.

Revenue for the quarter was down though from $783 million in Q1 2018 to $724 million due to the sale of ExpressJet Airlines in January 2019. However, the airline was quick to point out that excluding ExpressJet revenue in both periods, revenue increased to $700 million in Q1 2019 from $622 million in Q1 2018.

The sale of ExpressJet also impacted operating expenses, which came in at $627 million, down from $695 million in the same period last year. However, excluding ExpressJet operating expenses in both periods, these increased to $599 million in Q1 2019 from $528 million in the first quarter 2018, which the company said was “primarily from the additional aircraft placed into service, higher labour costs and special item operating expenses in Q1 2019.”

Commenting on the results, chief executive officer and president of SkyWest, said, “This quarter was significant for SkyWest as we move forward as one airline with a smaller, but more efficient footprint.  Our team performed well this quarter through a series of severe weather events.  We are encouraged with our progress and are working together with our 14,000 employees to deliver the best possible product to our partners.”

 

Darren Wood
By Darren Wood April 26, 2019 11:03