Business
SkyWest, Inc. Announces Second Quarter 2022 Profit
Second Quarter 2022 Highlights Pre-tax income of $73 million, net income of $54 million, or $1.07 per diluted share Took delivery of six E175 aircraft for
About this update from Skywest, Inc.
[{"type":"text","content":"\nSecond Quarter 2022 Highlights\n\n\nPre-tax income of $73 million, net income of $54 million, or $1.07 per diluted share\n\n\nTook delivery of six E175 aircraft for Alaska Airlines and two E175 aircraft for Delta Air Lines under previously announced agreements\n\n\nCelebrated the 50-year anniversary of SkyWest’s founding\n\n\n ST. GEORGE, Utah--(BUSINESS WIRE)--\nSkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for Q2 2022, including net income of $54 million, or $1.07 per diluted share, compared to a net income of $62 million, or $1.22 per diluted share, for Q2 2021.\n\nCommenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “The quarter results reflect the continued strong demand for our product and the impact of our improved fleet mix as we continue investing in our E175 fleet. As we work through the constraints of an ongoing pilot imbalance and industry-wide staffing challenges, demand for our product remains exceptionally strong. I want to thank our people for their dedicated, world-class efforts.”\n\nFinancial Results\n\nRevenue was $799 million in Q2 2022, up $142 million or 22%, from $657 million in Q2 2021. This quarter’s increase in revenue under SkyWest’s flying contracts came from adding 43 aircraft to its operations since Q2 2021, with the remaining revenue increase largely due to COVID-19 revenue concessions given to our major airline partners in Q2 2021.\n\nOperating expenses were $710 million in Q2 2022, up 31% from $542 million in Q2 2021. The increase in operating expenses was primarily due to $114 million in payroll support program grants received from U.S. Treasury reflected as an offset to Q2 2021 operating expenses and operating costs from aircraft added to SkyWest’s fleet since Q2 2021.\n\nCapital and Liquidity\n\nSkyWest had $975 million in cash and marketable securities at June 30, 2022, up from $856 million at March 31, 2022 and $860 million at December 31, 2021.\n\nTotal debt at June 30, 2022 was $3.3 billion, up from $3.2 billion at March 31, 2022, reflecting the financing of eight new E175 aircraft delivered in Q2 2022. Capital expenditures during Q2 2022 were $197 million for the purchase of eight E175s and other fixed assets.\n\nStatus Update on Previously Announced Agreements\n\nSkyWest is coordinating with its major airline partne...