SkyWest Q3 Profit Climbs, Tops View - Quick Facts

(RTTNews) - SkyWest Inc. (SKYW), reported an increase in its third-quarter net income, that exceeded the Street estimates, reflecting lower expenses. However, the company reported a decline in revenues.

Net income for the three-month period $26.4 million or $0.50 per share, compared with $20.9 million or $0.40 per share a year earlier. Total expenses were $794 million, compared with $810 million a year ago.

On average, six analysts polled by Thomson Reuters expected the company to report earnings per share of $0.46 for the quarter. Analysts' estimates typically exclude one-time items.

Total operating revenues were $850.7 million, compared with $865.2 million last year. Analysts expected the company to generate revenues of $871.99 million for the quarter. SkyWest reported an increase of about $32.9 million in operating revenues, after giving effect to reduced fuel, certain engine overhaul and landing fee pass through amounts, mainly due to additional block hour production from increased aircraft utilization, larger fleet size and rate escalations in SkyWest contracts with its major airline partners.

Further, for the quarter, the company said its traffic rose 5.2 percent to 8.3 billion revenue passenger miles, while available seat miles increased 5.8 percent to 10.2 billion. Quarterly passenger load factor decreased to 81.7 percent from 82.2 percent last year.