SkyWest net income nearly triples YoY

SkyWest, Inc. (NASDAQ: SKYW) has reported financial and operating results for the first quarter of 2016, including net income of USD27 million or USD0.52 per diluted share, up from net income of USD10 million or USD0.18 per diluted share in the first quarter of 2015, the company said.

Pre-tax income for the first quarter of 2016 was USD45 million compared to USD16 million in Q1 2015.

Operating income was USD62 million, or 8.1 percent in operating margin, for the first quarter of 2016, compared to USD34 million, or 4.5 percent in operating margin, in Q1 2015. The improvement in operating margin was primarily due to new aircraft added to profitable flying contracts, economic improvements from fleet transition and certain existing flying contracts, additional financial incentives earned through improved operating performance and a reduction in the number of aircraft operating under unprofitable or less-profitable flying contracts.

SkyWest is the holding company for two scheduled passenger airline operations and an aircraft leasing company.