Business
SkyWest, Inc. Announces Fourth Quarter 2019 Profit
ST. GEORGE, Utah, Jan. 30, 2020 /PRNewswire/ -- Fourth Quarter Highlights: $1.43 earnings per diluted share, up 12% from $1.28 in Q4 2018 Pre-tax income of
About this update from Skywest, Inc.
[{"type":"text","content":"ST. GEORGE, Utah, Jan. 30, 2020 /PRNewswire/ --\nFourth Quarter Highlights:\n$1.43 earnings per diluted share, up 12% from $1.28 in Q4 2018 Pre-tax income of $98 million, up from $91 million in Q4 2018; net income of $73 million, up from $67 million in Q4 2018 Secured new flying contract for 20 new E175 aircraft with American Airlines (\"American\") SkyWest, Inc. (NASDAQ: SKYW) (\"SkyWest\") today reported financial and operating results for Q4 2019, including net income of $73 million, or $1.43 per diluted share, compared to net income of $67 million, or $1.28 per diluted share, for Q4 2018. Earnings per diluted share increased 12% in Q4 2019 from Q4 2018, primarily due to SkyWest's ongoing fleet transition. SkyWest has added ten new E175 aircraft and seven new CRJ900 aircraft since Q4 2018 and reduced aircraft ownership costs through early lease buyouts on 56 aircraft executed in 2019. \nSkyWest reported net income of $340 million, or $6.62 per diluted share for the 2019 year. Adjusted net income for the 2019 year was $321 million, or $6.25 per diluted share, excluding the gain on the sale of ExpressJet Airlines (\"ExpressJet\") and other special items recorded in Q1 20191. Net income for the 2018 year was $280 million or $5.30 per diluted share.\nCommenting on the results, Chip Childs, Chief Executive Officer and President of SkyWest, said \"2020 represents the start of the next phase of our fleet transition as we increase new E175 aircraft and invest in our older CRJ fleet, driven by strong demand for both aircraft types. We expect this will make 2020 a pivot year to position us for a new trajectory in 2021 and 2022.\"\nFinancial HighlightsRevenue was $744 million in Q4 2019, down from $803 million in Q4 2018 due to the sale of ExpressJet in January 2019. Excluding ExpressJet revenue in Q4 2018, Q4 2019 revenue increased $59 million, primarily from adding 17 new aircraft since Q4 2018. \nOperating expenses were $618 million in Q4 2019, down from $682 million in Q4 2018, also due to the sale of ExpressJet. Excluding ExpressJet operating expenses in Q4 2018, Q4 2019 operating expenses increased $59 million, primarily from growth in operations as a result of additional aircraft placed into service since Q4 2018 and an increase in maintenance expense. \nOperational Update New flying contract with American for 20 new E175 aircraf...