SkyWest, Inc. (NASDAQ: SKYW) has net income of USD 73 million, or USD 1.43 per diluted share, in the fourth quarter 2019, the company said.
Earnings per diluted share increased 12% in the fourth quarter 2019 from the fourth quarter 2018, primarily due to SkyWest´s ongoing fleet transition. SkyWest has added ten new E175 aircraft and seven new CRJ900 aircraft since Q4 2018 and reduced aircraft ownership costs through early lease buyouts on 56 aircraft executed in 2019.
SkyWest reported net income of USD 340 million, or USD 6.62 per diluted share for the 2019 year. Adjusted net income for the 2019 year was USD 321 million, or USD 6.25 per diluted share, excluding the gain on the sale of ExpressJet Airlines and other special items recorded in Q1 20191. Net income for the 2018 year was USD 280 million or USD 5.30 per diluted share.
Revenue was USD 744 million in the fourth quarter 2019, down from USD 803 million in the fourth quarter 2018 due to the sale of ExpressJet in January 2019. Excluding ExpressJet revenue in the fourth quarter 2018, fourth quarter 2019 revenue increased USD 59 million, primarily from adding 17 new aircraft since the fourth quarter 2018.
SkyWest had USD 520 million in cash and marketable securities at December 31, 2019, down from USD 572 million at September 30, 2019.
SkyWest, Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of nearly 500 aircraft connecting millions of passengers each month to over 250 destinations and provides commercial air service in cities throughout North America with up to 2,500 daily flights.