SkyWest - a US regional airline - has reported a net income of $76 million, or $1.82 per diluted share, in its second quarter results. It marks a strong increase from last year's results of $15 million, or 35 cents per diluted share, in the same quarter.
""We are pleased with our continuing progress towards organically rebuilding our levels of captain availability,"" said SkyWest CEO Chip Childs. ""This opens the door to pursue and monetise the multiple pathways available to us to recapture and regrow small and underserved markets over the coming years.""
Revenues for the quarter totalled $867 million in the period, up 19% from the previous year. Operating expenses totalled $747 million, up 8% over last year. The increase in operating expenses was primarily driven by its increased block hour production.
As of June 30, 2024, SkyWest had $834 million in cash and marketable securities. At the end of last year, it held $835 million. Total debt at the end of the quarter was $2.8bn, down from $3bn at the end of last year.
Capital expenditures during the period were $19 million for the purchase of spare engines and other fixed assets.
SkyWest reports strong second quarter results
