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Mar 31, 2020
SkyWest Q1 2020 Earnings Report
Reported a net income of $30 million, impacted by decreased demand due to the COVID-19 outbreak.
Key Takeaways
SkyWest reported a net income of $30 million for Q1 2020, a decrease compared to Q1 2019. The primary factor was decreased demand in March due to the COVID-19 outbreak. The company is taking actions to maintain liquidity and working with partners on fleet solutions.
Net income was $30 million, or $0.59 per diluted share.
Revenue increased to $730 million, up from $724 million in Q1 2019.
Operating expenses were $664 million, up from $627 million in Q1 2019.
Cash and marketable securities were $578 million at March 31, 2020, up from $520 million at December 31, 2019.
SkyWest
SkyWest
Forward Guidance
SkyWest is coordinating with its major airline partners to optimize the timing of upcoming fleet deliveries under previously announced deals in response to COVID-19 schedule reductions.