Skywest Turns To Profit On Improved Revenues, EPS Tops Street View

(RTTNews) - Utah-based airlines company Skywest, Inc (SKYW) returned to profit in the second quarter on higher operating revenues. Both revenues and earnings trumped Street view.

The company said its net income was $61.99 million or $1.22 per share compared to a loss of $25.71 million or $0.51 loss per share last year. Six analysts polled by Thomson Reuters estimated a loss of $0.15 per share in the quarter.

The revenue for the company was $656.99 million, up 88% from $350.03 million in the same quarter last year. According to the estimates of six analysts, the projected revenue for this quarter was $599.6 million.

The company attributed the recovery of the travel industry from the pandemic as the main reason behind the results. With the destinations slowly opening up and more and more people getting vaccinated, travel restrictions are also getting lifted.

Chip Child, the CEO of the company said, "We are pleased to see continued demand improvement and look forward to returning to pre-COVID levels by the beginning of 2022. We are excited to resume new aircraft deliveries in the third quarter, with 29 new E175 aircraft by the first half of 2023. I want to thank our exceptional SkyWest team for their commitment to excellence through these dynamic and challenging circumstances."