Business
SkyWest, Inc. Announces Third Quarter 2023 Profit
Third Quarter 2023 Summary Q3 2023 pre-tax income of $24 million, net income of $23 million, or $0.55 per diluted share Secured an agreement with United
About this update from Skywest, Inc.
[{"type":"text","content":"\nThird Quarter 2023 Summary\n\n\n\nQ3 2023 pre-tax income of $24 million, net income of $23 million, or $0.55 per diluted share\n\n\n\nSecured an agreement with United Airlines to place 19 new E175 aircraft under contract, with deliveries scheduled from late 2024 through 2026\n\n\n\nRepurchased 1.2 million shares of common stock for $50 million during Q3 2023 at an average price of $42 per share\n\n\n\n ST. GEORGE, Utah--(BUSINESS WIRE)--\nSkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for Q3 2023, including net income of $23 million, or $0.55 per diluted share, compared to net income of $48 million, or $0.96 earnings per diluted share, for Q3 2022.\n\n\nCommenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “Our teams continue to deliver an exceptional product and operating performance. We are pleased with the improving trajectory of our business, strong demand for our product, and steady progress toward stabilization of our pilot hiring and retention. I want to thank our amazing team for delivering outstanding operations in the third quarter.”\n\n\nUnder its previously announced share repurchase program authorized by the SkyWest Board of Directors in May 2023, SkyWest repurchased 1.2 million shares of common stock for $50 million during Q3 2023. For the nine months ended September 30, 2023, SkyWest repurchased 9.6 million shares of common stock for $244 million, which represented 19% of SkyWest’s outstanding shares as of December 31, 2022. As of September 30, 2023, SkyWest had $136 million of remaining availability under its current share repurchase program.\n\n\nFinancial Results\n\n\nRevenue was $766 million in Q3 2023, down $23 million, or 3%, from $789 million in Q3 2022. SkyWest deferred recognizing $57 million of revenue during Q3 2023 compared to recognizing previously deferred revenue of $13 million during Q3 2022. The amount of revenue deferred during Q3 2023 was driven by modified terms relating to fixed monthly cash payments under SkyWest’s previously announced amended flying contracts. See the “Supplemental Cash Flow Information” section of this release for more information. Production-driven rate increases under SkyWest’s amended flying contracts since Q3 2022 partially offset the impact of deferred revenue year-over-year.\n\n\nOperating expenses...