SkyWest, Inc. (NASDAQ: SKYW) has reported second quarter 2019 net income of USD 88m, or USD 1.71 per diluted share, compared to net income of USD 76 million, or USD 1.43 per diluted share, for the second quarter of 2018, the company said.
Pre-tax income in the second quarter 2019 was USD 115 million, a 17% increase from the second quarter 2018, primarily due to SkyWest´s ongoing fleet transition. SkyWest has added 25 new E175 aircraft and 11 new CRJ900 aircraft since Q2 2018 and has reduced aircraft ownership costs through early lease buyouts on 52 aircraft executed in early 2019.
Revenue was USD 744 million in the second quarter 2019, down from USD 806 million in the second quarter 2018 due to the sale of ExpressJet Airlines in January 2019. Excluding ExpressJet revenue in the second quarter 2018, second quarter 2019 revenue increased USD 82 million, primarily from adding 36 new aircraft since the second quarter 2018.
Operating expenses were USD 600 million in the second quarter 2019, down from USD 679 million in the second quarter 2018 also due to the sale of ExpressJet. Excluding ExpressJet operating expenses in the second quarter 2018, second quarter 2019 operating expenses increased USD 70 million, primarily from growth in operations as a result of additional aircraft placed into service since the second quarter 2018 and from higher labor costs.
SkyWest had USD 550 million in cash and marketable securities at June 30, 2019, up from USD 544 million at March 31, 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 nearly 2,500 daily flights.