SkyWest Q2 operating profit grows

Washington DC
This story is sourced from Pro
See more Pro news »

US regional carrier SkyWest Inc has grown its second quarter operating profit by 8% to $50.6 million.

The St George, Utah based airline reported a 10.5% dip in operating revenues to $839 million, while operating expenses fell 11.4% to $789 million. SkyWest attributes the reduced revenue to a reduction of $118 million of fuel and engine overhaul amounts that were directly reimbursed by its partners and recorded as operating revenues.

This reduction, however, was partially offset by about $28.2 million of additional operating revenues through a 6.1% increase in total block hours for the quarter. This came through increased utilisation and growth of its fleet, which went to 760 aircraft as of 30 June from 725 a year ago.

SkyWest grew its second quarter net income to $20.7 million, up from almost $17 million in the corresponding quarter in 2012.

"We will remain focused on our profit improvement objectives while continuing to deal with the ever-present challenges in the airline industry," says SkyWest chairman and chief executive Jerry Atkin.

SkyWest ended the quarter with $666 million in cash and marketable securities, down from $709 million as of end-2012.