SkyWest, Inc. (NASDAQ: SKYW) has reported net income of USD 83m in the third quarter 2018, or USD 1.57 per diluted share, compared to net income of USD 54 million, or USD 1.01 per diluted share for Q3 2017, the company said.
Third quarter 2018 pre-tax income of USD 110 million increased 27% from the third quarter 2017, primarily due to SkyWest´s ongoing fleet transition. Since the third quarter 2017, SkyWest added 34 new E175 aircraft and one new CRJ900 aircraft, and removed 65 older aircraft from its fleet.
SkyWest´s financial highlights in the third quarter include:
-Revenue was USD 829 million in Q3 2018, up from USD 813 million in Q3 2017.
-Operating expenses were USD 691 million, down from USD 700 million in Q3 2017.
-The tax rate for Q3 2018 was 24.5% compared to 38% in Q3 2017.
-SkyWest had USD 705 million in cash and marketable securities at September 30, 2018, up from USD 649 million at June 30, 2018.
SkyWest, Inc. is the holding company for two scheduled passenger airline operations and an aircraft leasing company with more than 17,000 employees. SkyWest´s airline companies provide commercial air service in cities throughout North America with nearly 3,000 daily flights carrying approximately 50 million passengers annually. SkyWest´s airline companies operate through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines.