SkyWest, Inc. reported its third-quarter 2024 financial and operating results, with a pre-tax income of $116 million and a net income of $90 million, or $2.16 per diluted share. The company reached an agreement with United Airlines to place 40 CRJ550s under a multi-year contract, with plans to acquire 11 used CRJ550s and convert 29 of its CRJ700 fleet to CRJ550s. Additionally, SkyWest took delivery of nine E175 partner-financed aircraft under a previously announced agreement with United.
CEO Chip Childs commented on the results, highlighting the company’s organic growth in available captains and its efforts to recapture underserved markets. SkyWest’s revenue for Q3 2024 was $913 million, up 19% from the previous year, driven by a 15% increase in block hour production compared to Q3 2023. The company recognized $19 million of previously deferred revenue under its flying contracts during Q3 2024.
Operating expenses for Q3 2024 were $781 million, up 9% from the previous year, primarily due to an incremental increase in flight production. SkyWest had $836 million in cash and marketable securities at the end of September 2024, with total debt decreasing to $2.7 billion from $3.0 billion at the end of 2023. The company also repurchased 217,000 shares of common stock for $16.3 million during Q3 2024.
SkyWest is coordinating with its major airline partners to optimize the timing of upcoming fleet deliveries. The company is scheduled to operate a total of 278 E175 aircraft by the end of 2026. As part of its agreement with United, SkyWest will place 40 CRJ550s into service between late 2024 and the end of 2026.
SkyWest, Inc. is the holding company for SkyWest Airlines, SkyWest Charter, and SkyWest Leasing. The company operates a fleet of approximately 500 aircraft connecting passengers to over 240 destinations throughout North America. SkyWest Airlines partners with major carriers such as United Airlines, Delta Air Lines, American Airlines, and Alaska Airlines.
The company will host a conference call to discuss its third-quarter 2024 results on October 31, 2024. More information about SkyWest, including financial results, investor relations, and operational data, can be found on the company’s website.
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Translated to B1 English:
SkyWest, Inc. reported its financial and operational results for the third quarter of 2024, showing a pre-tax income of $116 million and a net income of $90 million, or $2.16 per diluted share. The company signed an agreement with United Airlines to place 40 CRJ550s under a multi-year contract. This involves acquiring 11 used CRJ550s and converting 29 of its CRJ700 fleet to CRJ550s. SkyWest also received nine E175 partner-financed aircraft as part of a previous agreement with United.
CEO Chip Childs highlighted the company’s organic growth in available captains and efforts to expand into underserved markets. Revenue for Q3 2024 was $913 million, a 19% increase from the previous year, driven by a 15% rise in block hour production compared to Q3 2023. Operating expenses for Q3 2024 amounted to $781 million, up 9% from the previous year due to increased flight production.
As of September 2024, SkyWest had $836 million in cash and marketable securities, with total debt decreasing to $2.7 billion from $3.0 billion at the end of 2023. The company also repurchased 217,000 shares of common stock for $16.3 million during Q3 2024.
SkyWest is working with its major airline partners to optimize the timing of upcoming fleet deliveries. By the end of 2026, the company plans to operate a total of 278 E175 aircraft. Under the agreement with United, SkyWest will introduce 40 CRJ550s into service between late 2024 and the end of 2026.
SkyWest, Inc. is the parent company of SkyWest Airlines, SkyWest Charter, and SkyWest Leasing. The company operates a fleet of around 500 aircraft, serving over 240 destinations across North America in partnership with major carriers like United Airlines, Delta Air Lines, American Airlines, and Alaska Airlines.
A conference call to discuss the third-quarter 2024 results will be held on October 31, 2024. Additional information about SkyWest, including financial results, investor relations, and operational data, can be found on the company’s website.