SkyWest, Inc. (NASDAQ: SKYW) recently disclosed its financial results for the third quarter of 2024, showcasing robust performance and strategic advancements. The company’s net income for the quarter stood at $90 million, reflecting a significant increase compared to $23 million in the same quarter of the previous year, translating to $2.16 per diluted share.
Chip Childs, the Chief Executive Officer of SkyWest, highlighted the company’s progress in expanding its available captain resources, which has enabled growth opportunities. He expressed gratitude to the workforce for their efforts in seizing opportunities, including the expansion of fleets like CRJ550 and E175.
Operating expenses for the quarter totaled $781 million, up by 9% from $717 million in the third quarter of 2023, primarily due to increased flight production year-over-year. SkyWest also revealed having $836 million in cash and marketable securities as of September 30, 2024, maintaining a stable financial position compared to the end of the previous year.
SkyWest’s total debt decreased to $2.7 billion as of September 30, 2024, down from $3.0 billion at the end of 2023. The company allocated $97 million in capital expenditures during the third quarter for the acquisition of aircraft, spare engines, and other fixed assets.
Under its existing share repurchase program sanctioned by the SkyWest Board of Directors in May 2023, the company bought back 217,000 shares of common stock for $16.3 million in the third quarter of 2024. As of September 30, 2024, SkyWest retained $53 million in remaining availability under the share repurchase program.
SkyWest disclosed that it reached an agreement with United Airlines to deploy 40 CRJ550s under a multi-year contract. The company plans to acquire 11 used CRJ550s and convert 29 CRJ700s to CRJ550s as part of this agreement. Additionally, SkyWest received nine E175 partner-financed aircraft in the third quarter as per the arrangement with United.
Looking ahead, SkyWest is on track to scale its E175 fleet, with plans to operate a total of 278 E175 aircraft by the end of 2026. The company is strategically coordinating with major airline partners to optimize fleet deliveries and enhance operational efficiency.
SkyWest closed its third quarter on a strong note, demonstrating resilience and adaptive strategies in response to market dynamics and growth opportunities.
Please note that the above article is based on the filing made by SkyWest, Inc. with the Securities and Exchange Commission and the provided financial information.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SkyWest’s 8K filing here.
About SkyWest
SkyWest, Inc is the holding company for two scheduled passenger airline operations and an aircraft leasing company. SkyWest’s airline companies provide commercial air service in cities throughout North America with nearly 3,000 daily flights carrying more than 53 million passengers annually. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines.
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