Business
SkyWest, Inc. Announces Second Quarter 2021 Profit
Second Quarter 2021 Highlights Pre-tax income of $81 million, net income of $62 million, or $1.22 per diluted share Secured an agreement with Alaska Airlines
About this update from Skywest, Inc.
[{"type":"text","content":"\nSecond Quarter 2021 Highlights\n\n\nPre-tax income of $81 million, net income of $62 million, or $1.22 per diluted share\n\n\nSecured an agreement with Alaska Airlines for nine E175 aircraft; eight aircraft were previously announced, one additional aircraft announced today\n\n\nSecured an agreement with American Airlines for eleven additional used CRJ700s to be placed into service by mid-2023, resulting in a total 101 CRJ700s under agreement with American\n\n\nPlaced six used CRJ700 aircraft into service under a previously announced agreement with American\n\n\n ST. GEORGE, Utah--(BUSINESS WIRE)--\nSkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for Q2 2021, including net income of $62 million, or $1.22 per diluted share, compared to a net loss of $26 million, or $0.51 per share, for Q2 2020. The financial results improved from Q2 2020 due to the flying demand recovery from COVID-19.\n\nThe pre-tax results for Q2 2021 and Q2 2020 included $114 million and $152 million, respectively, in payroll support program grants received from the U.S. Treasury Department (“Treasury”) reflected as a reduction to operating expenses.\n\nCommenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “We are pleased to see continued demand improvement and look forward to returning to pre-COVID levels by the beginning of 2022. We are excited to resume new aircraft deliveries in the third quarter, with 29 new E175 aircraft by the first half of 2023. I want to thank our exceptional SkyWest team for their commitment to excellence through these dynamic and challenging circumstances.”\n\nFinancial Results\n\nRevenue was $657 million in Q2 2021, up from $350 million in Q2 2020, or 88%, as SkyWest’s Q2 2021 block hours on completed flights were up 157% from Q2 2020. Revenue in Q2 2021 was down $87 million, or 12%, from Q2 2019 (pre-COVID) and completed block hours in Q2 2021 were down 13% from Q2 2019. SkyWest also provided temporary rate reductions to its major airline partners under its flying contracts during Q2 2021 and Q2 2020 in response to the COVID-19 demand disruption impact to its partners.\n\nSkyWest deferred recognizing revenue on $6 million of fixed monthly payments received during Q2 2021 compared to $69 million of deferred fixed monthly payments received during Q2 2020. SkyWest w...