SkyWest, Inc. Announces Fourth Quarter and Annual 2024 Profit

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[{"type":"text","content":"\nFourth Quarter and Annual 2024 Summary\n\n\n\nQ4 2024 pre-tax income of $134 million, net income of $97 million, or $2.34 per diluted share\n\n\n\nFull year 2024 pre-tax income of $432 million, net income of $323 million, or $7.77 per diluted share\n\n\n\nSkyWest reached a multi-year contract extension with American Airlines that allows for a total of 74 CRJ700s under agreement\n\n\n\nSkyWest took delivery of four new E175 aircraft under a previously announced agreement with United\n\n\n\n ST. GEORGE, Utah--(BUSINESS WIRE)--\nSkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for Q4 2024, including net income of $97 million, or $2.34 per diluted share, compared to net income of $18 million, or $0.42 per diluted share, for Q4 2023. SkyWest also reported net income of $323 million, or $7.77 per diluted share, for the 2024 year, compared to net income of $34 million, or $0.77 per diluted share, for the 2023 year.\n\n\nCommenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “We are honored to be named one of the World’s Most Admired™ Companies for 2025 by Fortune Magazine and pleased that our operational momentum continues. We are continuing to make improvements in returning daily scheduled service to smaller communities, increasing the utilization and efficiency of all fleet types, and quickly placing new aircraft deliveries into service. I want to thank the SkyWest team for their exceptional teamwork as we continue to execute on these growth opportunities, including progress with expanding our CRJ550 and E175 fleets.”\n\n\nFinancial Results\n\n\nRevenue was $944 million in Q4 2024, up $192 million, or 26%, from $752 million in Q4 2023. SkyWest’s block hour production increased 20% in Q4 2024 compared to Q4 2023, which reflects improvements in captain availability since Q4 2023.\n\n\nFor purposes of revenue comparability year-over-year, SkyWest recognized $20 million of previously deferred revenue under its flying contracts during Q4 2024, compared to deferring $63 million of revenue during Q4 2023. As of December 31, 2024, SkyWest had cumulative deferred revenue of $322 million under its flying contracts on its balance sheet.\n\n\nOperating expenses were $800 million in Q4 2024, up $76 million, or 10%, from $724 million in Q4 2023, driven by the increase in flight pr...

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