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SkyWest
🇺🇸 NASDAQ:SKYW
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Sep 30, 2023

SkyWest Q3 2023 Earnings Report

SkyWest reported a net income of $23 million for Q3 2023.

Key Takeaways

SkyWest reported a net income of $23 million, or $0.55 per diluted share, for Q3 2023. The company secured an agreement with United Airlines to place 19 new E175 aircraft under contract and repurchased 1.2 million shares of common stock for $50 million during the quarter.

Q3 2023 pre-tax income was $24 million with net income reaching $23 million, equating to $0.55 per diluted share.

An agreement was secured with United Airlines to place 19 new E175 aircraft under contract, with deliveries scheduled from late 2024 through 2026.

During Q3 2023, SkyWest repurchased 1.2 million shares of common stock for $50 million at an average price of $42 per share.

Revenue was $766 million in Q3 2023, down $23 million, or 3%, from $789 million in Q3 2022.

Total Revenue
$766M
Previous year: $789M
-2.9%
EPS
$0.55
Previous year: $0.96
-42.7%
Gross Profit
$114M
Previous year: $139M
-18.0%
Cash and Equivalents
$820M
Previous year: $1B
-18.0%
Free Cash Flow
$176M
Previous year: $126M
+39.4%
Total Assets
$7.06B
Previous year: $7.45B
-5.3%

SkyWest

SkyWest

SkyWest Revenue by Segment

Forward Guidance

This release contains forward-looking statements regarding SkyWest's future financial and operating results, plans, objectives, expectations, estimates, intentions and outlook.

Positive Outlook

  • Continued demand for our product
  • Recovery from the COVID-19 pandemic
  • Economic conditions and the captain shortage on SkyWest’s business
  • Financial condition and results of operations
  • Scheduled aircraft deliveries for SkyWest in upcoming periods and the related execution of SkyWest’s fleet transition strategy and expected timing thereof

Challenges Ahead

  • Uncertainty regarding recovery from the COVID-19 pandemic and other potential future outbreaks of infectious diseases or other health concerns
  • The consequences of such outbreaks to the travel industry and our major partners in general and the financial condition and operating results of SkyWest in particular
  • The prospects of entering into agreements with existing or other carriers to fly new aircraft
  • Ongoing negotiations between SkyWest and its major partners regarding their contractual obligations
  • Uncertainties regarding operation of new aircraft

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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