Business
SkyWest, Inc. Announces Fourth Quarter and Annual 2021 Profit
Fourth Quarter and Annual 2021 Highlights Q4 2021 Pre-tax income of $5 million, net income of $4 million, or $0.09 per diluted share Full year 2021 pre-tax
About this update from Skywest, Inc.
[{"type":"text","content":"\nFourth Quarter and Annual 2021 Highlights\n\n\nQ4 2021 Pre-tax income of $5 million, net income of $4 million, or $0.09 per diluted share\n\n\nFull year 2021 pre-tax income of $151 million, net income of $112 million, or $2.20 per diluted share\n\n\nFull year 2021 adjusted pre-tax income of $235 million, adjusted net income of $176 million, or $3.46 per diluted share, excluding a non-cash impairment charge in Q3 20211\n\n\nAs previously announced, we have partnered with Eve Air Mobility, an Embraer company (“Eve”), including an option to purchase up to 100 electric vertical takeoff and landing aircraft (“eVTOL”)\n\n\n ST. GEORGE, Utah--(BUSINESS WIRE)--\nSkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for Q4 2021, including net income of $4 million, or $0.09 per diluted share, compared to a net loss of $46 million, or $0.93 loss per share, for Q4 2020. SkyWest also reported net income of $112 million, or $2.20 per diluted share, for the 2021 year, compared to a net loss of $9 million, or $0.17 loss per share, for the 2020 year. Adjusted net income in 2021 was $176 million, or $3.46 per diluted share1. SkyWest’s financial results improved from 2020 due to the flying demand recovery from COVID-19.\n\nCommenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “We continued to see very strong demand for our product during the fourth quarter. While we are facing new headwinds as the industry prepares to operate in a post-pandemic environment and we work to rebalance staffing, we remain focused on delivering an exceptional product. I want to thank our people for their ongoing flexibility and good work as we navigate this very dynamic period.”\n\n_____________________\n\n1 See the financial statements, “Non-GAAP Information” and the related reconciliation sections of this release for more information.\n\nFinancial Results\n\nRevenue was $777 million in Q4 2021, up from $590 million in Q4 2020, or 32%, as SkyWest’s Q4 2021 block hours on completed flights were up 30% from Q4 2020.\n\nSkyWest recognized $23 million of previously deferred revenue of fixed monthly payments in Q4 2021, whereas SkyWest deferred recognizing revenue on $12 million of fixed monthly payments in Q4 2020. SkyWest will recognize the remaining $104 million of deferred revenue from the fixed monthly pay...