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SkyWest posts improved 2Q profit picture

Published August 7, 2013 3:43 pm

This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

SkyWest Inc., the St. George-based parent company of SkyWest Airlines, has reported higher earnings but lower operating revenue for the second quarter of its 2013 fiscal year.

The company said net income for its second quarter ended June 30, 2013 was $20.7 million, or 39 cents per share, compared to net income of $17 million, or 13 cents per share, recorded for the same period a year ago. For the six-month period, SkyWest reported net income of $24 million, or 46 cents per share, compared to $16.3 million, or 32 cents per share, in the first half of fiscal 2012.

Jerry C. Atkin, SkyWest's chairman and chief executive, said in a statement announcing the second-quarter and first-half results that management is pleased with the progress the company continues to make in improving its operational and financial performance.

"We remain focused on our profit improvement objectives while continuing to deal with the ever-present challenges in the airline industry," he said.

The company reported that its second-quarter operating revenue was $839.1 million compared to $937.2 million for the same period last year, a decrease of $98.1 million. However, it also pointed out the decline was due primarily to the reduction of $117.9 million of fuel and engine overhaul costs that were reimbursed by the company's partners and recorded as operating revenue.

SkyWest also is the parent of Atlanta-based ExpressJet Airlines Inc. Along with SkyWest Airlines, ExpressJet operates as carriers for Delta, United, American Airlines and U.S. Airways.

steve@sltrib.com

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