SkyWest Q4 Earnings and Revenues Top Estimates, Rise Year Over Year

Core Insights - SkyWest, Inc. (SKYW) reported better-than-expected fourth-quarter 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate and showing year-over-year improvement [1][2]. Financial Performance - Quarterly earnings per share (EPS) reached $2.34, exceeding the Zacks Consensus Estimate of $1.77 and improving over 100% year-over-year [1]. - Revenues totaled $944.4 million, beating the Zacks Consensus Estimate of $904 million and reflecting a 26% year-over-year increase due to rising flying contract rates [2]. - Revenues from flying agreements, which contributed 96.7% to total revenues, grew 25.3% from the prior year's figure of $912.8 million [3]. - The airline carried 13.2% more passengers year-over-year, with departures increasing by 16.4% [3]. - Operating expenses were $800 million, up 10% from the previous year, attributed to increased flight production [5]. Contracts and Fleet Expansion - SkyWest announced a multi-year contract extension with American Airlines for a total of 74 CRJ700s and took delivery of four new E175 aircraft under an agreement with United Airlines [4]. - By the end of 2026, SkyWest is scheduled to operate 278 E175 aircraft [4]. Shareholder Returns and Capital Expenditures - During the fourth quarter, SkyWest repurchased 47,000 shares of common stock for $4.9 million, with $48 million remaining under its current share repurchase program [6]. - Capital expenditures for the reported quarter amounted to $186 million [6]. Cash and Debt Position - At the end of the fourth quarter, the company had cash and marketable securities of $801.62 million, down from $836.04 million in the prior quarter [5]. - Long-term debt (net of current maturities) was $2.14 billion, a decrease from $2.19 billion at the end of the previous quarter [5].