SkyWest's (SKYW) Q3 Earnings Beat Estimates, Increase Y/Y
Zacks Investment Research | Oct 31, 2019 12:07AM ET
SkyWest (NASDAQ:SKYW) delivered better-than-expected results in the third quarter of 2019. The company’s earnings of $1.79 per share surpassed the Zacks Consensus Estimate of $1.73. Also, the bottom line improved 14% on a year-over-year basis. Results benefited from the company’s fleet transition initiatives. Notably, SkyWest added 13 E175 aircraft and 11 CRJ900 aircraft to its fleet since the third quarter of 2018.
Quarterly revenues came in at $760.3 million, beating the Zacks Consensus Estimate of $754.7 million. However, the top line declined 8.3% year over year due to the sale of ExpressJet Airlines in January 2019.
SkyWest’s efforts to modernize its fleet and streamline operations are very impressive. The company aims to reduce the 50-seat jets from its fleet and add E175 aircraft. This St. George, UT-based carrier reported a 5.8% increase in block hours (a measure of aircraft utilization) during the quarter under review.
SkyWest, Inc. Price, Consensus and EPS Surprise
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