SkyWest, Inc. (NASDAQ: SKYW) has reported financial and operating results for the second quarter of 2017, including net income of USD 50 million, or USD 0.95 per diluted share, compared to net income of USD 40 million, or USD 0.77 per diluted share for Q2 2016, the company said.
The improvement in net income over Q2 2016 was primarily due to SkyWest´s continued fleet transition, including the addition of 47 new E175s, and the removal of 51 ERJ145s and 18 CRJ200s since Q2 2016. Additionally, since Q2 2016, SkyWest transitioned 49 CRJ700s from other major airline partners to American Airlines, Inc. (“American”) under a previously announced multi-year agreement, further reducing fleet risk.
Revenue was USD 810 million in Q2 2017, up from USD 801 million in Q2 2016. The increase in revenue included the net impact of adding 47 new E175 aircraft since Q2 2016, partially offset by the removal of 76 unprofitable or less profitable aircraft over the same period, including 51 ERJ145s, 18 CRJ200s and seven CRJ700s.
Operating expenses were USD 703 million in Q2 2017, down from USD 717 million in Q2 2016. The decrease was primarily due to lower direct operating costs from 29 fewer aircraft in service and a 5% reduction in block hour production, partially offset by higher crew training costs associated with the new E175 aircraft deliveries.
SkyWest, Inc. is the holding company for two scheduled passenger airline operations and an aircraft leasing company. SkyWest´s airline companies provide commercial air service in cities throughout North America with more than 3,000 daily flights carrying more than 50 million passengers annually. SkyWest Airlines operates through partnerships with United Airlines (“United”), Delta Air Lines (“Delta”), American and Alaska Airlines (“Alaska”). ExpressJet Airlines operates through partnerships with United, Delta and American. Based in St. George, Utah, SkyWest continues to set the standard for excellence across the regional industry with unmatched value for customers, shareholders and its more than 18,000 employees.