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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.
SkyWest
SkyWest
SkyWest Revenue by Segment
Revenue by Segment
Flying Agreements Revenue
CapyFin.comLease & Other Revenue
CapyFin.com 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