SkyWest Q3 revenue and EPS rise on fleet growth
SKYW•SkyWest's third-quarter revenue rose 6% year over year to $1.12 billion, while diluted EPS increased to $3.08 from $2.81. The company repurchased $75 million in stock and took delivery of four E175 aircraft.
1. Quarterly results
SkyWest reported third-quarter revenue of $1.12 billion, up 6% year over year, and diluted EPS of $3.08, compared with $2.81 a year earlier. Net income was $119.52 million. Block-hour production rose 5%, driven by more aircraft in scheduled service and strong overall demand.
2. Fleet and costs
The company took delivery of four new E175 aircraft under an agreement with United Airlines and repurchased $75 million in stock. SkyWest said higher fuel costs in its prorate business hurt results, while a revised 30-year estimated useful life for its E175 fleet reduced depreciation expense.
3. Fleet outlook
SkyWest expects to have more than 300 E175 aircraft by the end of 2027. It has delivery positions for 33 additional E175s from 2028 through 2031 and purchase rights for 50 more.
