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ST. GEORGE, Utah - SkyWest , Inc. (NASDAQ:SKYW) shares jumped 4.3% after the regional airline operator reported fourth-quarter results that exceeded analyst expectations, driven by increased flight production and improved operational efficiency.
SkyWest posted earnings per share of $2.34 for Q4 2024, significantly beating the analyst estimate of $1.80. Revenue came in at $944 million, surpassing the consensus forecast of $907.54 million and representing a 26% increase from $752 million in the same quarter last year.
The company’s block hour production rose 20% YoY in Q4, reflecting improvements in captain availability compared to the prior year period. Total (EPA:TTEF) operating revenues climbed to $944.4 million from $751.8 million a year ago.
"We are...pleased that our operational momentum continues," said Chip Childs, CEO of SkyWest. "We are continuing to make improvements in returning daily scheduled service to smaller communities, increasing the utilization and efficiency of all fleet types, and quickly placing new aircraft deliveries into service."
For the full year 2024, SkyWest reported net income of $323 million, or $7.77 per diluted share, compared to $34 million, or $0.77 per diluted share, in 2023.
The company ended the quarter with $802 million in cash and marketable securities. SkyWest also noted it reached a multi-year contract extension with American Airlines (NASDAQ:AAL) for 74 CRJ700 aircraft.
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