SkyWest Q2 2022 Earnings Report
Key Takeaways
SkyWest reported a net income of $54 million, or $1.07 per diluted share, for Q2 2022, compared to a net income of $62 million, or $1.22 per diluted share, for Q2 2021. Revenue increased by 22% to $799 million, primarily due to adding 43 aircraft to its operations and the impact of COVID-19 revenue concessions given in Q2 2021. Operating expenses increased by 31% to $710 million, mainly due to payroll support program grants received in Q2 2021 and operating costs from new aircraft.
Pre-tax income was $73 million and net income was $54 million, resulting in $1.07 per diluted share.
Six E175 aircraft were delivered for Alaska Airlines and two E175 aircraft for Delta Air Lines under previously announced agreements.
SkyWest celebrated its 50-year anniversary.
Revenue increased due to the addition of 43 aircraft and the impact of COVID-19 concessions from the previous year.
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SkyWest Revenue by Segment
Revenue & Expenses
Visualization of income flow from segment revenue to net income