Business
SkyWest, Inc. Announces Second Quarter 2023 Profit
Second Quarter 2023 Summary Q2 2023 pre-tax income of $18 million, net income of $15 million, or $0.35 per diluted share Second quarter results reflect the
About this update from Skywest, Inc.
[{"type":"text","content":"\nSecond Quarter 2023 Summary\n\n\n\nQ2 2023 pre-tax income of $18 million, net income of $15 million, or $0.35 per diluted share\n\n\n\nSecond quarter results reflect the deferral of $60 million in revenue\n\n\n\nRepurchased 3.3 million shares of common stock for $94 million during Q2 2023 at an average price of $28 per share\n\n\n\n ST. GEORGE, Utah--(BUSINESS WIRE)--\nSkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for Q2 2023, including net income of $15 million, or $0.35 per diluted share, compared to net income of $54 million, or $1.07 earnings per diluted share, for Q2 2022.\n\n\nCommenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “We are making steady headway towards reaching our strategic business objectives and remain optimistic as we continue experiencing strong demand for our products. I want to thank our team of professionals for delivering industry-leading performance throughout the second quarter.”\n\n\nUnder its previously announced share repurchase programs, SkyWest repurchased 3.3 million shares of common stock for $94 million during Q2 2023. In total, during the first half of 2023, SkyWest repurchased 8.4 million shares of common stock for $194 million, which represented 17% of SkyWest’s outstanding shares as of December 31, 2022. The current share repurchase program authorized by the SkyWest Board of Directors in May 2023 had $186 million of remaining availability as of June 30, 2023.\n\n\nFinancial Results\n\n\nRevenue was $726 million in Q2 2023, down $73 million, or 9%, from $799 million in Q2 2022. SkyWest deferred recognizing $60 million of revenue during Q2 2023 compared to recognizing previously deferred revenue of $16 million during Q2 2022. The amount of revenue deferred during Q2 2023 was driven by modified terms relating to fixed monthly cash payments under SkyWest’s previously announced amended flying contracts. See the “Other Supplemental Cash Flow Information” section of this release for more information. The remaining reduction in revenue was attributed to a decrease in block hour production in Q2 2023 compared to Q2 2022.\n\n\nOperating expenses were $694 million in Q2 2023, down $16 million, or 2%, from $710 million in Q2 2022, driven by decreases in operating costs as a result of lower Q2 2023 block hour production compare...