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Jun 30, 2020
SkyWest Q2 2020 Earnings Report
Reported a net loss due to reduced flight schedules and lower demand resulting from the COVID-19 pandemic.
Key Takeaways
SkyWest, Inc. reported a net loss of $26 million, or $0.51 per share, for Q2 2020, compared to a net income of $88 million, or $1.71 per diluted share, for Q2 2019. The decrease was primarily due to reduced flight schedules and lower demand caused by the COVID-19 pandemic.
Net loss of $26 million, or $0.51 per share, compared to net income of $88 million, or $1.71 per diluted share for Q2 2019.
Revenue decreased to $350 million from $744 million in Q2 2019.
Operating expenses decreased to $354 million from $600 million in Q2 2019, including $152 million in CARES Act payroll support.
Cash and marketable securities increased to $762 million at June 30, 2020, from $578 million at March 31, 2020.
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.