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SkyWest (SKYW) Q1 2023 Earnings & Revenues Beat Estimates

SkyWest’s SKYW first-quarter 2023 loss of 45 cents per share was narrower than the Zacks Consensus Estimate of a loss of 54 cents. SkyWest had reported earnings per share of 35 cents a year ago.

Revenues of $691.8 million beat the Zacks Consensus Estimate of $677.1 million but slipped 5.9% year over year. SKYW deferred recognizing $63 million revenues in the March-end quarter compared with recognizing previously deferred revenues of $11 million a year ago.

Revenues from flying agreements (contributing 96% to the top line) declined 10.5% in the first quarter of 2023 from the year-ago reported figure of $708.1 million. Expenses increased 2% to $696.5 million from the year-ago reported figure. The increase was mainly due to an 11.7% rise in costs on salaries, wages and benefits.

The airline carried 2.4% fewer passengers in the reported quarter on a year-over-year basis. The passenger load factor (percentage of seats filled by passengers) increased 2.6 points to 80.2%. The fleet size decreased to 491 from 517 a year ago. SKYW, which has 236 E175 aircraft in its fleet currently, aims to operate 240 such jets by 2025 end.

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At the end of the first quarter, the company had cash and marketable securities of $936 million compared with the $1047.2 million reported at 2022 end. In the first quarter, SKYW spent $103 million toward capital expenditure. SKYW ended the quarter with a long-term debt of $3.3 billion, down from the $3.4 billion reported at 2022 end.

Zacks Rank

Currently, SkyWest carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Below we present some first-quarter 2023 results from the  Zacks Airline industry.

Delta Air Lines’ DAL first-quarter 2023 earnings (excluding 82 cents from non-recurring items) of 25 cents per share missed the Zacks Consensus Estimate of 29 cents. Volatile fuel prices and unfavorable weather conditions led to this downtick. DAL reported a loss of $1.23 per share a year ago as air-travel demand was not so buoyant back then.

DAL reported revenues of $12,759 million, which missed the Zacks Consensus Estimate of $12,767.4 million. However, driven by higher air-travel demand, total revenues increased 36.49% on a year-over-year basis.

Alaska Air Group, Inc. ALK reported a first-quarter 2023 loss of 62 cents per share, wider than the Zacks Consensus Estimate of a loss of 48 cents. In the year-ago quarter, ALK incurred a loss of $1.33.

ALK’s operating revenues of $2,196 million missed the Zacks Consensus Estimate of $2,202.5 million. However, the top line jumped 31% year over year, with passenger revenues accounting for 90.3% of the top line and increasing 31% due to continued recovery in air-travel demand.

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Alaska Air Group, Inc. (ALK) : Free Stock Analysis Report

SkyWest, Inc. (SKYW) : Free Stock Analysis Report

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