SkyWest reports net losses for Q4, FY 2016

St. George, Utah-based SkyWest, Inc. (NASDAQ: SKYW) today reported financial and operating results for the fourth quarter of 2016, including a net loss of USD 270 million, or USD 5.22 loss per share, compared to net income of USD 41 million, or USD 0.78 earnings per diluted share for Q4 2015, the airline said.

Adjusted net income for Q4 2016 was USD 29 million, or USD 0.54 earnings per diluted share, compared to adjusted net income of USD 25 million, or USD 0.49 earnings per diluted share for Q4 2015. The adjusted results for Q4 2016 exclude (pre-tax) a USD 466 million non-cash impairment charge and USD 7 million of early lease return charges, both previously announced. The improvement in adjusted net income was primarily due to SkyWest´s continued execution on its ongoing fleet transition and strong operating performance.

Net loss for the 2016 year was USD 162 million, or USD 3.14 loss per share, compared to net income of USD 118 million, or USD 2.27 earnings per diluted share for the 2015 year. Adjusted net income was USD 143 million, or USD 2.73 earnings per diluted share, for the 2016 year, compared to adjusted net income of USD 103 million, or USD 1.98 earnings per diluted share, for the 2015 year.

SkyWest, Inc. is the holding company for two scheduled passenger airline operations and an aircraft leasing company. Its airline companies provide commercial air service in cities throughout North America with more than 3,100 daily flights carrying nearly 54 million passengers annually. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines. ExpressJet Airlines operates through partnerships with United Airlines, Delta Air Lines and American Airlines. The company has more than 19,000 employees.