Business
SkyWest, Inc. Announces Second Quarter 2024 Profit
Second Quarter 2024 Summary Q2 2024 pre-tax income of $102 million, net income of $76 million, or $1.82 per diluted share SkyWest took delivery of eight of
About this update from Skywest, Inc.
[{"type":"text","content":"\nSecond Quarter 2024 Summary\n\n\n\nQ2 2024 pre-tax income of $102 million, net income of $76 million, or $1.82 per diluted share\n\n\n\nSkyWest took delivery of eight of the 20 E175 partner-financed aircraft under a previously announced agreement with United Airlines\n\n\n\nBlock hour production increased 12% in Q2 2024 compared to Q2 2023\n\n\n\n ST. GEORGE, Utah--(BUSINESS WIRE)--\nSkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for Q2 2024, including net income of $76 million, or $1.82 per diluted share, compared to net income of $15 million, or $0.35 per diluted share, for Q2 2023.\n\n\nCommenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “We are pleased with our continuing progress towards organically rebuilding our levels of captain availability. This opens the door to pursue and monetize the multiple pathways available to us to recapture and regrow small and underserved markets over the coming years. I want to thank our people for their solid operational execution.”\n\n\nFinancial Results\n\n\nRevenue was $867 million in Q2 2024, up $141 million, or 19%, from $726 million in Q2 2023. SkyWest’s block hour production increased 12% in Q2 2024 compared to Q2 2023, which reflects improvements in captain availability since Q2 2023.\n\n\nFor purposes of revenue comparability year-over-year, SkyWest recognized $6 million of previously deferred revenue during Q2 2024 under its flying contracts, compared to deferring $60 million of revenue under its flying contracts during Q2 2023. As of June 30, 2024, SkyWest had cumulative deferred revenue of $361 million on its balance sheet.\n\n\nOperating expenses were $747 million in Q2 2024, up $53 million, or 8%, from $694 million in Q2 2023. The increase in operating expenses was primarily driven by the 12% increase in block hour production year-over-year.\n\n\nCapital and Liquidity\n\n\nSkyWest had $834 million in cash and marketable securities at June 30, 2024, down from $835 million at December 31, 2023.\n\n\nTotal debt at June 30, 2024 was $2.8 billion, down from $3.0 billion at December 31, 2023. Capital expenditures during Q2 2024 were $19 million for the purchase of spare engines and other fixed assets.\n\n\nUnder its previously announced share repurchase program authorized by the SkyWest Board of Directors in Ma...