Pre-tax income of $73 million, net income of $54 million for SkyWest during Q2

The U.S. regional airline SkyWest, has just reported financial and operating results for Q2 2022, showing a net income of $54 million, compared to a net income of $62 million for Q2 2021.

Commenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “The quarter results reflect the continued strong demand for our product and the impact of our improved fleet mix as we continue investing in our E175 fleet. As we work through the constraints of an ongoing pilot imbalance and industry-wide staffing challenges, demand for our product remains exceptionally strong. I want to thank our people for their dedicated, world-class efforts.”

Financial Results

Revenue was $799 million in Q2 2022, up $142 million or 22%, from $657 million in Q2 2021. This quarter’s increase in revenue under SkyWest’s flying contracts came from adding 43 aircraft to its operations since Q2 2021, with the remaining revenue increase largely due to COVID-19 revenue concessions given to our major airline partners in Q2 2021.

Operating expenses were $710 million in Q2 2022, up 31% from $542 million in Q2 2021. The increase in operating expenses was primarily due to $114 million in payroll support program grants received from U.S. Treasury reflected as an offset to Q2 2021 operating expenses and operating costs from aircraft added to SkyWest’s fleet since Q2 2021.

Capital and Liquidity

SkyWest had $975 million in cash and marketable securities at June 30, 2022, up from $856 million at March 31, 2022 and $860 million at December 31, 2021.

Total debt at June 30, 2022 was $3.3 billion, up from $3.2 billion at March 31, 2022, reflecting the financing of eight new E175 aircraft delivered in Q2 2022. Capital expenditures during Q2 2022 were $197 million for the purchase of eight E175s and other fixed assets.

SkyWest is coordinating with its major airline partners to optimize the timing of upcoming fleet deliveries under previously announced agreements. SkyWest expects to finance the future E175 deliveries discussed below through debt. The anticipated future delivery dates summarized below are based on currently available information and are subject to change.

First Quarter 2022 Profit for SkyWest

The U.S. regional carrier, SkyWest, has just reported financial and operating results for the first quarter of 2022, including net income of $18 million, compared to a net income of $36 million for the same period last year.  

Commenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “Demand for our product remained strong during the first quarter and we were able to generate results slightly ahead of our expectations. We a

re pleased to have the liquidity and resources to position us for long-term success and to continue to invest in our fleet transition. We continue working through an imbalance of pilots, which is our current constraint in monetizing the exceptionally strong demand for our product. I want to thank our people for their creativity and flexibility as we navigate this transition.”

First Quarter 2022 Highlights

Pre-tax income of $25 million, net income of $18 million, or $0.35 per diluted share

Took delivery of four E175 aircraft for Alaska Airlines under a previously announced agreement

Placed seven E175 aircraft into service with American Airlines under a previously announced agreement

Named one of “America’s Best Large Employers” by Forbes for the second year in a row in 2022

SkyWest named one of Forbes “America’s Best Large Employers”

SkyWest, has been named one of “America’s Best Large Employers” by Forbes for the second year in a row in 2022. Of the 500 employers, SkyWest was the only regional airline included on the list. The employers on Forbes’ list were chosen based on an independent survey of 60,000 U.S. employees working for companies employing at least 1,000 people in their U.S. operations.

Forbes and Statista selected the America’s Best Employers 2021 through an independent survey applied to a vast sample of 60,000 American employees working for companies with more than 1,000 employees in America. The evaluation was based on direct and indirect recommendations from employees that were asked to rate their willingness to recommend their own employers to friends and family. Employee evaluations also included other employers in their respective industries that stood out either positively or negatively.

“We’re honoured to be recognized by Forbes as a top employer for the second year running in 2022,” said Chip Childs, President & CEO of SkyWest. “It’s hard to imagine navigating the past couple of years without the dedicated teamwork of our incredible group of professionals. They’re the best in our industry and I’m humbled to be a part of this outstanding team.”

Forbes’ selections were based on an independent survey of 60,000 U.S. employees. SkyWest was also named a Forbes Best Employer in 2021, and is a Glassdoor Employees’ Choice Award recipient for 2020 and 2021.

SkyWest, Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of over 500 aircraft connecting passengers to over 230 destinations throughout North America. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines carrying more than 36 million passengers in 2021.

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SkyWest announces fourth quarter and annual 2021 profit

SkyWest has reported financial and operating results for Q4 2021, including net income of $4 million, or $0.09 per diluted share, compared to a net loss of $46 million, or $0.93 loss per share, for Q4 2020. SkyWest also reported net income of $112 million, or $2.20 per diluted share, for the 2021 year, compared to a net loss of $9 million, or $0.17 loss per share, for the 2020 year. Adjusted net income in 2021 was $176 million, or $3.46 per diluted share1. SkyWest’s financial results improved from 2020 due to the flying demand recovery from COVID-19.

Commenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “We continued to see very strong demand for our product during the fourth quarter. While we are facing new headwinds as the industry prepares to operate in a post-pandemic environment and we work to rebalance staffing, we remain focused on delivering an exceptional product. I want to thank our people for their ongoing flexibility and good work as we navigate this very dynamic period.”

Financial Results

Revenue was $777 million in Q4 2021, up from $590 million in Q4 2020, or 32%, as SkyWest’s Q4 2021 block hours on completed flights were up 30% from Q4 2020.

SkyWest recognized $23 million of previously deferred revenue of fixed monthly payments in Q4 2021, whereas SkyWest deferred recognizing revenue on $12 million of fixed monthly payments in Q4 2020. SkyWest will recognize the remaining $104 million of deferred revenue from the fixed monthly payments on a completed block hour basis over the term of the remaining contracts.

Operating expenses were $744 million in Q4 2021, up from $617 million in Q4 2020, or 21%. The increase in operating expenses was primarily due to an increase in flights operated in Q4 2021 compared to the same period in 2020.

SkyWest, reported financial and operating results for Q3 2021

SkyWest, reported financial and operating results for Q3 2021, including net income of $10 million, or $0.19 per diluted share, compared to net income of $34 million, or $0.66 per diluted share, for Q3 2020. Adjusted net income in Q3 2021 was $74 million, up 119% from Q3 2020. The financial results improved from Q3 2020 due to the flying demand recovery from COVID-19.

The pre-tax results for Q3 2021 and Q3 2020 included $115 million and $190 million, respectively, in payroll support program grants received from the U.S. Treasury Department (“Treasury”) reflected as a reduction to operating expenses.

Commenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “We continued to see strong demand for our product during the third quarter. We are excited to place 45 new E175 aircraft into service in the next 18 months and remain focused on our long-term strategy as we continue navigating the pandemic. I want to thank the exceptional people of SkyWest for their dedication and resilience as we work through this very dynamic period.”

SkyWest Announces Flying Agreement with Delta for 16 New Embraer E175s

SkyWest to purchase and operate the aircraft under a multi-year contract with Delta, with the first aircraft scheduled for delivery in the second quarter of 2022.

The aircraft will be owned and financed by SkyWest.

The 16 new E175s are expected to replace 16 SkyWest CRJ900s currently operating under the Delta contract.

SkyWest announced an agreement with Delta Air Lines to purchase and operate 16 new E175 aircraft under a multi-year capacity purchase agreement. These aircraft are scheduled to be placed into service beginning in the first half of 2022, and will be placed into service ratably through year-end 2022. The aircraft will be purchased by SkyWest from Embraer and delivered new from the factory. SkyWest continues to be the largest owner/operator of the Embraer E175 aircraft in the world.

“We are pleased to continue to strengthen our Delta agreement with these new, dual-class aircraft,” said Chip Childs, President and CEO of SkyWest. “The E175 continues to serve our partners and passengers well as we help our partners work toward full domestic recovery.”

SkyWest expects the 16 new E175 aircraft will replace 16 SkyWest-owned or financed CRJ900s currently under its Delta contract, with expirations ranging from the second half of 2022 to early 2023. SkyWest is evaluating the impact of the anticipated displacement of the CRJ900s, including a potential non-cash impairment charge.

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SkyWest chalks up second quarter 2021 profit

SkyWest has reported financial and operating results for the second quarter of 2021, including net income of $62 million, or $1.22 per diluted share, compared to a net loss of $26 million, or $0.51 per share, for Q2 2020. The financial results improved from Q2 2020 due to the flying demand recovery from COVID-19.

The pre-tax results for Q2 2021 and Q2 2020 included $114 million and $152 million, respectively, in payroll support program grants received from the U.S. Treasury Department, reflected as a reduction to operating expenses.

Commenting on the results, Chip Childs, Chief Executive Officer of SkyWest, 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.”

Second Quarter 2021 Highlights

Pre-tax income of $81 million, net income of $62 million, or $1.22 per diluted share

Secured an agreement with Alaska Airlines for nine E175 aircraft; eight aircraft were previously announced, one additional aircraft announced today

Secured an agreement with American Airlines for eleven additional used CRJ700s to be placed into service by mid-2023, resulting in a total 101 CRJ700s under agreement with American

Placed six used CRJ700 aircraft into service under a previously announced agreement with American

Revenue was $657 million in Q2 2021, up from $350 million in Q2 2020, or 88%, as SkyWest’s Q2 2021 block hours on completed flights were up 157% from Q2 2020. Revenue in Q2 2021 was down $87 million, or 12%, from Q2 2019 (pre-COVID) and completed block hours in Q2 2021 were down 13% from Q2 2019. SkyWest also provided temporary rate reductions to its major airline partners under its flying contracts during Q2 2021 and Q2 2020 in response to the COVID-19 demand disruption impact to its partners.

SkyWest reaches new flying agreement for 8 additional E175 jets with Alaska Airlines

The U.S. regional airline SkyWest has announced an agreement with Alaska Airlines to purchase and operate eight E175 aircraft under a 12-year capacity purchase agreement. These aircraft are scheduled to be placed into service beginning in the first half of 2022, bringing SkyWest’s total fleet operating under its Alaska agreement to 40 once complete. The aircraft will be purchased by SkyWest from Embraer and delivered new from the factory. SkyWest continues to be the largest owner/operator of the Embraer E175 aircraft in the world.

Commenting on the agreement, Chip Childs, President and CEO of SkyWest, said, “The E175 is a great aircraft for customers and has helped provide vital service throughout the pandemic. As we mark 10 years of partnership with Alaska Airlines, we are pleased to add these new E175s as we help lead the recovery and continue strengthening our Alaska partnership.”

SkyWest, Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of over 450 aircraft connecting passengers to over 230 destinations throughout North America. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines carrying more than 21 million passengers in 2020 and 43 million passengers in 2019.

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United Express Flights to Denver, Operated by SkyWest Airlines, Launch in February From Dodge City

SkyWest Airlines is pleased to announce the launch of daily United Express jet service between Dodge City (DDC) and Denver (DEN) beginning Feb. 13, 2020.

The new flights will provide travellers access to United’s global network via the airline’s Denver hub.

Tickets are available for purchase today at united.com. “Access to reliable local air service means more choice and more convenience for Dodge City travellers,” said Greg Atkin, SkyWest Airlines managing director – Market Development. “We’re excited to connect Dodge City travellers to Denver and beyond starting in February.”

SkyWest Airlines Bringing United Express Jet Service to Decatur This Spring!

Daily United Express jet service, operated by SkyWest

SkyWest Airlines, will take off between Decatur (DEC) and Chicago (ORD) this spring! Starting March 5, 2020, SkyWest will provide Decatur travellers access to United’s global network via the airline’s Chicago hub.

“We are excited to be a part of the Decatur community and look forward to providing reliable,

convenient air service,” said Greg Atkin, SkyWest Airlines managing director – Market Development. “Passengers will enjoy a seamless travel process and improved flight experience onboard the quiet, comfortable 50-passenger jet.”

*Flight schedule varies and is subject to change

Flights from Decatur are timed to provide maximum connection opportunities in Chicago for both

business and leisure travellers. From United’s Chicago hub, customers will enjoy nearly 600 departures to more than 150 destinations worldwide, including stops in Asia, Europe, the Caribbean, Canada and Africa. Customers will also have the opportunity to accrue frequent flier miles in United’s MileagePlus loyalty program.

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SkyWest Airlines recognized as a Best Place to Work in 2020, a Glassdoor Employees’ Choice Award

SkyWest Airlines, a wholly-owned subsidiary of SkyWest, Inc, has been named a Glassdoor Employees’ Choice Award recipient, recognizing the Best Places to Work in 2020. The award, based solely on employee reviews, is a reflection of the unmatched culture and team-based

environment SkyWest’s more than 14,000 employees enjoy.

“SkyWest’s success is a direct result of its incredible people and our commitment to working together as a team to deliver a great product,” said Chip Childs, President & CEO of SkyWest. “This award is a credit to each of them for the teamwork and passion they demonstrate in taking care of millions of passengers across the country.” 

SkyWest is the only regional airline included on the 2020 list, achieving an overall company score of 4.3 out of 5. SkyWest was recognized as one of Glassdoor’s Best Places to Interview in 2017.

Glassdoor’s Best Places to Work award is determined based on employee reviews regarding their satisfaction with the company, career opportunities, culture, senior management, and work/life balance. Reviews were submitted October 2018 through October 2019.

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United Express Flights Take Off in Sheridan This Winter

Daily United Express flights from Sheridan to Denver

Delta United Express will be starting this winter. the new flights, operated by SkyWest Airlines, begin on January 12, 2020 and will provide Sheridan travellers seamless access to United’s global network via the airline’s Denver hub. 

“We are excited to be a part of the Sheridan community and to provide reliable, efficient air service,” said Greg Atkin, SkyWest Airlines managing director – Market Development. “With these new flights, travellers will have more choice and convenience every time they use their local airport.” 

United Express Jet Service Takes Off in Riverton

SkyWest Airlines and the Fremont Air Service Team have announced that the new United Express flights from Riverton Regional Airport to Denver International Airport will take off on January 12, 2020. The flights, operated by SkyWest Airlines, will provide travellers with seamless access to United’s global network via the airline’s Denver hub. Tickets are available today at united.com.

“We’re excited to help Riverton travellers connect to Denver and beyond, and to ensure they

enjoy access to reliable, efficient flights,” said Greg Atkin, SkyWest Airlines managing director of

Market Development. “We’re pleased to continue to build strong partnerships with communities

across Wyoming and to offer customers quality, local air service.”

SkyWest Airlines names Greg Wooley as vice president - airport operations

SkyWest Airlines, a subsidiary of SkyWest, announced today the appointment of Greg Wooley to the new position of Vice President – Airport Operations, effective September 6, 2019. In this position, Wooley will be responsible for airport ground operations at all SkyWest and vendor-handled locations, as well as the development and implementation of their respective operational procedures and policies. He will oversee ground equipment, corporate real estate, ground personnel training, and will work with our partners to support a reliable and positive customer experience. As Vice President – Airport Operations, Wooley will report to Mike Thompson, SkyWest Airlines Chief Operating Officer. Wooley assumes the role as Steve Black retires after 28 years with the airline.

"Steve has contributed to SkyWest over nearly three decades," said SkyWest, Inc. President and CEO Chip Childs. "His leadership in our ground handling and safety programs will have a lasting impact on SkyWest. We appreciate his dedicated service and wish him the best."

SkyWest announces new flying agreements with Delta Air Lines

SkyWest, confirmed this week an agreement with Delta Air Lines to operate six used E175

aircraft under a multi-year contract scheduled to begin in early 2020. The aircraft are financed by Delta and to be sourced from a regional operator transitioning out of Delta Connection. 

SkyWest has also agreed to purchase and operate seven new E175 aircraft for Delta instead of

SkyWest operating seven new CRJ900 aircraft that were to be financed by Delta and scheduled

for delivery in 2020. The seven E175 aircraft have delivery dates scheduled from late 2019 to

mid-2020.

SkyWest to Open New Maintenance Facility at San Luis Obispo

SkyWest Airlines has chosen San Luis Obispo County Regional Airport as its newest maintenance base location. SkyWest has entered into an agreement to lease the 17,000 square foot hangar from ACI Jet, a world-class FBO providing corporate aircraft management, charter, maintenance and ground handling services.

The maintenance facility accommodates up to five regional aircraft and will support overnight maintenance for SkyWest’s major airline partners beginning in September of this year. SkyWest currently has local position openings for managers, supervisors, inspectors, and aircraft maintenance technicians as it prepares to staff for its September base opening. When fully operational, the SkyWest maintenance base is slated to create over 40 new, high-paying positions at the airport.

SkyWest Reports May 2019 Traffic

Photo SkyWest

SkyWest, Inc., reported its operating statistics for the month of May 2019 recently, 

SkyWest Airlines reported 124,404 block hours in May 2019, an increase of 8.3% from May 2018. SkyWest Airlines' higher production was primarily due to the incremental E175 aircraft, CRJ900 aircraft and CRJ700 aircraft added to SkyWest Airlines' fleet since May 2018.

SkyWest to start Denver - Pierre service this spring

Photo SkyWest

This spring, SkyWest Airlines will begin daily United Express jet service between Pierre and Denver! Starting April 3, 2019, SkyWest will provide Pierre travellers seamless access to United’s global network via the airline’s Denver hub. 

“Access to reliable and efficient local air service means more choice and more convenience for Pierre travellers,” said Greg Atkin, SkyWest Airlines managing director – Market Development. “We look forward to bringing United Express jet service to Pierre in April.” 

Each of the flights from Pierre to Denver will be timed to provide maximum connection opportunities

for both business and leisure travellers. Customers will also have the opportunity to accrue frequent flyer miles in United’s MileagePlus loyalty programme. Pierre passengers will enjoy service aboard the quiet, comfortable Bombardier CRJ200. SkyWest is a leading CRJ200 operator and has been named the manufacturer’s most reliable operator in North America five times. 

Watertown - Denver route coming soon from SkyWest / United Express

Photo SkyWest

SkyWest Airlines has just confirmed it will launch a daily United Express jet service between Watertown and Denver beginning April 3r, 2019. 

The new flights will provide Waterttravellerslers access to United’s global network via the airline’s Denver hub. “Access to excellent local air service means more choice and more convenience for Watertown travellers,” said Greg Atkin, SkyWest Airlines managing director – Market Development. “We look forward to being a part of the community by bringing United Express service to Watertown.”

The flight schedule in Watertown begins April 3 and is as follows:

United to buy ExpressJet Airlines

SkyWest, Inc. Enters into Agreement

     to Sell ExpressJet Airlines

SkyWest, announced this week that it is has entered into definitive agreements to sell ExpressJet Airlines, Inc. ("ExpressJet") to United Airlines ("United") joint venture ManaAir, LLC. The transaction is expected to close in early 2019, subject to customary closing conditions.

Consideration for the transaction includes approximately $70 million in cash for the majority of the assets and the assumption of liabilities of ExpressJet, subject to a working capital adjustment. The ExpressJet assets excluded from the transaction will be utilized or liquidated by SkyWest. The expected realizable value to SkyWest of the remaining inventory is estimated to approximate the value of the working capital adjustment. SkyWest will retain ownership of the CRJ aircraft currently in service at ExpressJet.

The transaction also includes certain protections around existing SkyWest Airlines flying, as well as priority position to add 25 new dual-cabin aircraft with United should those opportunities arise. As part of the transaction, SkyWest has also agreed to lease 20 CRJ200s to ExpressJet for up to five years.

"Today's announcement provides further clarity and focus for the future," said Chip Childs, SkyWest, Inc. President and Chief Executive Officer. "We want to thank the employees of ExpressJet for their valued contributions and we look forward to continuing to strengthen our partnership with United."