The content on Breitflyte Airline News Network will always be free and won’t require a subscription.  Breitflyte.com is a participant in several affiliate advertising programs designed to provide a means for us to earn fees by linking to affiliated sites.  We may earn a commission if you click on or make a purchase through one of our links.  Thank you for supporting our affiliate advertisers. 

  • Joe Breitfeller

Mesa Air Group Reports Fiscal Second Quarter Net Loss of $42.8 Million or $1.19 per Diluted Share

Mesa Air Group has reported a fiscal second quarter 2022 net loss of $42.8 million or ($1.19) per share on a year-over-year increase in revenue of 26.7 percent to $123.2 million. The Group ended the quarter with $75.9 million in unrestricted cash and equivalents.


Mesa Air United Express Embraer E175 - Courtesy Mesa Air Group

On Monday (May 9, 2022), Mesa Air Group reported their fiscal second quarter financial results for the period ending March 31, 2022. The Group reported a second quarter net loss of $42.8 million or ($1.19) per diluted share on a 26.7 percent year-over-year increase in revenue to $123.2 million. Mesa reported a Q2 adjusted net loss of $10.3 million or ($0.29) per diluted share, which excludes a $39.5 million pre-tax non-cash charge related to 12 CRJ aircraft held for sale. At March 31, 2022, the company has unrestricted cash and cash equivalents totaling $75.9 million and total debt of $652 million, primarily secured by aircraft and engines.


In Monday’s announcment, Mesa Air Group’s Chairman and CEO, Jonathan Ornstein, said,


“While demand for our product remains strong, our financial results this quarter reflect the ongoing challenge of heightened pilot attrition. In January, our operational and financial performance was significantly impacted by Covid-related higher pilot absence rates which have since subsided. We remain focused on taking steps to address pilot attrition, including increased hiring, simulator capacity, and training capabilities, which has been exacerbated by the industry wide pilot shortage.”


Mesa Air Group's Fiscal Second Quarter 2022 Financial Results and Updated Fleet Plan - Courtesy Mesa Air Group

During the fiscal second quarter, Mesa took delivery of their third Boeing 737-400 Freighter and also added an additional Embraer E175 flight simulator. The company’s second quarter 2022 revenue was derived from contracts with United Airlines (47%), American Airlines (46%), DHL (1%) and third party aircraft leases (6%).


Phoenix Arizona-based Mesa Air Group, Inc. (NASDAQ: MESA) is the holding company of Mesa Airlines which offers scheduled service to 110 cities in 40 states, Washington D.C., the Bahamas and Mexico, as well as cargo services out of Cincinnati/Northern Kentucky International Airport. The carrier operates around 349 daily departures with a fleet of 168 aircraft and currently has approximately 2,800 employees. Mesa Air operates flights as American Eagle, United Express or DHL Express, pursuant to capacity purchase and flight service agreements with the mainline passenger and cargo carriers.


In trading Tuesday morning (May 10, 2022), shares in Mesa Air Group, Inc. (NASDAQ: MESA) were down 4.64% to $2.88/share (10:06 AM EDT).



Source: Mesa Air Group