Business
SkyWest, Inc. Announces Fourth Quarter and Annual 2020 Results
ST. GEORGE, Utah, Feb. 4, 2021 /PRNewswire/ -- Fourth Quarter and Annual Results Q4 2020 pre-tax loss of $59 million, net loss of $46 million, or $0.93 loss
About this update from Skywest, Inc.
[{"type":"text","content":"ST. GEORGE, Utah, Feb. 4, 2021 /PRNewswire/ -- \nFourth Quarter and Annual Results\nQ4 2020 pre-tax loss of $59 million, net loss of $46 million, or $0.93 loss per share Full year 2020 pre-tax loss of $7 million, net loss of $9 million, or $0.17 loss per share Full year 2020 revenue of $2.1 billion, down 28% from 2019 due to COVID-19 As previously announced: Acquired 21 used CRJ700 aircraft and placed the aircraft under lease with a United Express operator during Q4 Took delivery of four new E175 aircraft during Q4 under a flying contract with Delta Air LinesSkyWest, Inc. (NASDAQ: SKYW) (\"SkyWest\") today reported financial and operating results for Q4 2020, including a net loss of $46 million, or $0.93 loss per share, compared to net income of $73 million, or $1.43 per diluted share, for Q4 2019. SkyWest also reported a net loss of $9 million, or $0.17 loss per share, for the 2020 year, compared to net income of $340 million, or $6.62 per diluted share, for the 2019 year. The primary factor in SkyWest's lower results in 2020 compared to 2019 was reduced flight schedules and lower demand resulting from the COVID-19 pandemic. \nCommenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, \"The past year has challenged our industry, our business, and our people beyond what anyone could have anticipated, and we responded quickly and aggressively to protect our people, our partners, and our business. I'm incredibly proud of the SkyWest team's great work and the flexibility they continue to demonstrate. We believe we're in a strong position to play a key role in the industry's recovery and we remain committed to positioning SkyWest for future success.\"\nFinancial ResultsRevenue was $590 million in Q4 2020, down from $744 million in Q4 2019, or 21%, due to the COVID-19 pandemic that caused a significant reduction in the number of scheduled flights SkyWest operated under its flying agreements compared to the same period last year. Sequentially, revenue in Q4 2020 was up from $457 million Q3 2020, or 29%, due to improvements in demand for our scheduled flights. Total block hours in Q4 2020 were down 27% from Q4 2019 and up 20% from Q3 2020.\nSkyWest deferred recognizing revenue on $12 million of fixed monthly payments received during Q4 2020, down from $30 million and $69 million that was deferred in Q3 2020 and Q...