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Sep 30, 2020
SkyWest Q3 2020 Earnings Report
Reported net income due to reduced flight schedules and lower demand resulting from the COVID-19 pandemic.
Key Takeaways
SkyWest, Inc. reported a net income of $34 million for Q3 2020, a decrease compared to $91 million in Q3 2019, primarily due to reduced flight schedules and lower demand caused by the COVID-19 pandemic. The company's revenue was $457 million, down from $760 million in the same period last year. SkyWest is focused on maintaining strong liquidity and delivering on partner objectives during the recovery.
Net income was $34 million, or $0.66 per diluted share, compared to $91 million, or $1.79 per diluted share, for Q3 2019.
Revenue was $457 million, down from $760 million in Q3 2019.
Operating expenses were $383 million, down from $614 million in Q3 2019, with $190 million in CARES Act payroll support recognized.
SkyWest secured an agreement to place 20 used CRJ700s under a multi-year flying contract with American Airlines.
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.