SkyWest Q2 2023 Earnings Report
Key Takeaways
SkyWest reported a net income of $15 million for Q2 2023, a decrease from $54 million in Q2 2022. Revenue was $726 million, down 9% from $799 million in the previous year, with results reflecting the deferral of $60 million in revenue and a decrease in block hour production.
Reported Q2 2023 net income of $15 million, or $0.35 per diluted share.
Revenue was $726 million, a 9% decrease compared to Q2 2022.
Deferred $60 million in revenue during Q2 2023 due to modified terms relating to fixed monthly cash payments.
Repurchased 3.3 million shares of common stock for $94 million during Q2 2023.
SkyWest
SkyWest
SkyWest Revenue by Segment
Forward Guidance
SkyWest anticipates adding two E175 aircraft in Q4 2023 and one E175 aircraft in 2024 under a flying contract with Delta Air Lines. SkyWest also anticipates adding one E175 aircraft in 2025 under a flying contract with Alaska Airlines.
Positive Outlook
- Adding two E175 aircraft in Q4 2023 under Delta Air Lines contract.
- Adding one E175 aircraft in 2024 under Delta Air Lines contract.
- Adding one E175 aircraft in 2025 under Alaska Airlines contract.
- Scheduled to operate a total of 239 E175 aircraft by the end of 2025.
- Strong demand for products.
Challenges Ahead
- Timing of future deliveries is subject to change.
- Revenue decreased by 9% compared to Q2 2022.
- Deferred $60 million in revenue during Q2 2023.
- Block hour production decreased in Q2 2023 compared to Q2 2022.
- Cash and marketable securities decreased from $1.0 billion at December 31, 2022 to $862 million at June 30, 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income