SkyWest reported a net income of $97.4 million, or $2.42 earnings per share (EPS), in the fourth quarter of 2024, more than doubling from $17.5 million, or $0.43, a year prior. In addition, its full year profits soared from $34.3 million, or $0.78, in 2023, to $323 million, or $8.02, in 2024.
The US regional airline's operating revenues totalled $944.4 million in the fourth quarter, up from $751.8 million a year prior. Full year revenues totalled $3.5bn, up from $2.9bn in 2023.
Operating expenses were $800.3 million, up from $724.2 million, in the fourth quarter, while full year operating expenses were $3bn, climbing from $2.8bn a year prior.
The company's operating income was $144.1 million in the quarter, up from $27.6 million. Full year operating income was $494.7 million, up from $104.1 million.
“We are continuing to make improvements in returning daily scheduled service to smaller communities, increasing the utilisation and efficiency of all fleet types, and quickly placing new aircraft deliveries into service,” said SkyWest CEO Chip Childs.
As of the end of the year, the company's assets totalled $7.1bn. Total liabilities and stockholders' equity totalled $7.1bn. Total debt was $2.7bn at the end of the year. The company had $802 million in cash and marketable securities at the end of the year.
Capital expenditures during the fourth quarter were $186 million to purchase four debt-financed E175 aircraft, spare engines, and other fixed assets.
SkyWest's fleet had 492 aircraft in scheduled service or under contract. The company's fleet consisted of 262 E175, 119 CRJ700, 75 CRJ200, and 36 CRJ900 aircraft.
In the fourth quarter, the company signed a multi-year flying agreement for a total of CRJ550s with United, including 11 aircraft SkyWest committed to purchase from United. In addition, United has an option to add 10 additional CRJ550s to this agreement, bringing the total to 50.
“As of the year-end, we had purchased seven of the 11 aircraft and expect to purchase the rest by the end of this quarter,” said SkyWest chief commercial officer Wade Steel in its earnings call. “We were operating four of these aircraft at year-end 2024 and expect to operate 30 by the end of this year, with the last 10 entering service during 2026.”