Mesa Air Group has reported a fiscal third quarter net loss of $10 million or ($ 0.28) per diluted share, and an adjusted net loss of $7.1 million or ($ 0.20) per diluted share. The Group’s revenue for Q3 FY2022 increased year-over-year by 7.4 percent to $134.4 million.
On Monday (August 8, 2022), Mesa Air Group reported their financial results for their fiscal third quarter ending June 30, 2022. The Group reported a Q3 FY2022 net loss of $10.0 million or ($ 0.28) per diluted share on a year-over-year increase in revenue of 7.4 percent to $134.4 million. Mesa’s third quarter adjusted net loss was $7.1 million or ($ 0.20) per diluted share. The adjusted net loss excludes a $3.9 (pre-tax) change in the fair value of investments in equity securities. At June 30, 2022, Mesa had $54.4 million in cash and cash equivalents and $653.3 million in total debt, primarily secured by aircraft and engines.
In Monday’s announcement, Mesa Air Group’s Chairman and CEO, Jonathan Ornstein, said,
“While demand remained resilient for the quarter, our financial results continue to be impacted by industry-wide, elevated pilot attrition and the significant reduction in the commercial pilot pipeline, exacerbated by the 1,500-hour rule. Looking forward, we intend to take dramatic action to address the pilot shortage through increased recruiting, additional simulator capacity, and expansion of our pilot pipeline. We are also pleased that United Airlines has expanded the Aviate program to include all of our pilots.”
Phoenix Arizona-based Mesa Air Group, Inc. (NASDAQ: MESA) is the holding company of Mesa Airlines which offers scheduled service to 121 cities in 41 states, Washington D.C., the Bahamas and Mexico, as well as cargo services out of Cincinnati/Northern Kentucky International Airport. The carrier operates around 360 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.
Source: Mesa Air Group