Fri, Jul 26, 8:02 PM (43 days ago)
SkyWest, Inc. reported a strong financial performance for Q2 2024 with a 19.5% increase in operating revenues to $867.1 million compared to Q2 2023. The company’s net income surged to $75.6 million, or $1.82 per diluted share, up from $15.4 million, or $0.35 per diluted share, in the same period last year. This improvement was driven by a 12.3% increase in block hours and higher utilization of aircraft, despite a slight decrease in the fleet size from 492 to 475 aircraft. Operating expenses rose by 7.7% due to increased flight activity and associated costs. SkyWest also recognized significant deferred revenue, contributing to the revenue boost. Cash flow from operations remained robust at $323 million. The company has a firm purchase commitment for 21 new E175 aircraft, aiming to finance these through a mix of debt and cash. SkyWest remains well-positioned with $834.3 million in cash and marketable securities, and a favorable debt-to-equity ratio.