Business
SkyWest, Inc. Announces First Quarter 2025 Profit
First Quarter 2025 Summary Q1 2025 pre-tax income of $121 million, net income of $101 million, or $2.42 per diluted share Q1 2025 block hour production
About this update from Skywest, Inc.
[{"type":"text","content":"\nFirst Quarter 2025 Summary\n\n\nQ1 2025 pre-tax income of $121 million, net income of $101 million, or $2.42 per diluted share\n\n\nQ1 2025 block hour production increased by 22% compared to Q1 2024 and was up slightly compared to Q4 2024\n\n\nSkyWest reached a multi-year contract extension with Delta Air Lines for five CRJ700 and 11 CRJ900 aircraft\n\n\n ST. GEORGE, Utah--(BUSINESS WIRE)--\nSkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for Q1 2025, including net income of $101 million, or $2.42 per diluted share, compared to net income of $60 million, or $1.45 per diluted share, for Q1 2024. SkyWest’s Q1 2025’s net income included a $10 million discrete income tax benefit of $0.24 per diluted share.\n\nCommenting on the results, Chip Childs, President and Chief Executive Officer of SkyWest, said, “Although the airline industry is dealing with uncertain macroeconomic factors, demand for our product remains solid. We continue to be committed to adding value to our partners’ network strategies, improving daily scheduled service to smaller communities, and deploying our capital to improve our fleet for long-term opportunities. I want to thank our teams for continuing to deliver an exceptional product through the challenging winter conditions of the first quarter.”\n\nFinancial Results\n\nRevenue was $948 million in Q1 2025, up $144 million, or 18%, from $804 million in Q1 2024. SkyWest’s Q1 2025 block hour production increased 22% compared to Q1 2024, which reflects improvements in captain availability, higher fleet utilization and strong demand.\n\nOperating expenses were $809 million in Q1 2025, up $105 million, or 15%, from $704 million in Q1 2024, driven by expected incremental maintenance costs incurred on our CRJ fleet and by the increase in flight production year-over-year, partially offset by operating efficiencies from higher utilization of our fleet.\n\nCapital and Liquidity\n\nSkyWest had $751 million in cash and marketable securities at March 31, 2025, compared to $802 million at December 31, 2024.\n\nTotal debt at March 31, 2025 was $2.6 billion, down from $2.7 billion at December 31, 2024. Capital expenditures during Q1 2025 were $73 million for the purchase of four CRJ550 aircraft, spare engines and other fixed assets.\n\nUnder its previously announced share repurchase prog...