Mesa Air Group has increased its net income for its second quarter of 2019 - reporting $13.2 million, up from $2.4 million from the same period last year.
Excluding special items, adjusted net income was $16 million for Q2 2019, or $0.46 per diluted share, compared to $2.4 million, or $0.10 per diluted share for Q2 2018.
Meanwhile, the group's Q2 2019 pre-tax income was $17.3 million, compared to $3 million for Q2 2018. Excluding special items, adjusted pre-tax income was $21 million for Q2 2019, compared to $3 million for Q2 2018.
In addition, Mesa’s Adjusted EBITDA for Q2 2019 was $53.7 million, compared to $32 million in Q2 2018 and Adjusted EBITDAR1 was $67.8 million, compared to $50.3 million in Q2 2018.
On January 29, 2019 the company closed on a $91.2 million five-year term loan at LIBOR which was up 3.1%. The proceeds were used to pay down existing debt at LIBOR, as well as a 7.25% plus yield enhancement of 1.5%.
Mesa operated 112,030 block hours during Q2 2019, an increase of 14.5% from Q2 2018 of 97,853. Operationally, we ran a 99.6% controllable completion factor and a 97.4% total completion factor, which includes weather and other uncontrollable cancellations.
“We continue to execute our plan of increased block hours, which contributed to our nearly six-fold increase in pre-tax earnings year-over-year,” stated Jonathan Ornstein, chairman and chief executive officer. “We continue to make significant investments primarily in pilot training and our maintenance capabilities.”
This quarter marks another that the group has made sufficient financial gains, its Q1 2019 results posted in February showed Mesa's net income stand at $19.1 million or $0.55 per diluted share - for the period ending December 31, 2018.