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Mesa Air Group Reports Second Quarter FY21 Net Income of $5.7 Million or $0.14 per Diluted Share

Mesa Air Group has reported a second quarter fiscal 2021 net income of $5.7 million or $0.14 per diluted share. The Group’s operating revenue declined year-over-year by 46 percent to $97 million, while contract revenue was down 51 percent to $82 million.

Mesa Air Group Reports Second Quarter Fiscal 2021 Financial Results - Courtesy Mesa Air Group

On Monday (May 10, 2021), Mesa Air Group reported their second quarter fiscal 2021 financial results. The Group reported a net income of $5.7 million or $0.14 per diluted share, and an adjusted net income of $9.1 million or $0.23 per diluted share. Mesa’s Q2 FY21 adjusted results include a one-time non-cash $4.5 million lease termination expense resulting from the purchase of a previously leased CRJ-900 aircraft. The company’s second quarter results also include the deferral of $4.9 million of revenue, all of which was billed and paid by American Airlines and United Airlines during the quarter. The revenue will be recognized over the remaining terms of the contracts.

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

“The last year has emphasized the importance of innovation in the face of significant challenges. Given change is the one constant of our industry, we have focused on positioning the company for the future and taken the regional industry’s initial steps toward sustainability and de-carbonization of air travel. Our first strategic initiative this fiscal year was an investment with United Airlines in Archer Aviation, a leader in the development of electric air-mobility vehicles. Since our founding, Mesa has been an innovator and we continue to evaluate other opportunities in green technology. Additionally, we began to diversify our business model by starting a cargo operation and are flying two 737-400F with DHL. We have signed a letter of intent this quarter, partnering with Gramercy Partners for European flying and are planning to use existing CRJ-900 aircraft.”

Also commenting on the Group’s second quarter results, Mesa’s Chief Operating Officer, Brad Rich, added,

“During the past quarter, we continued to improve our operational performance and believe we are well-positioned with both American and United to assist in the pandemic recovery. Our operational performance improved, especially on our American flying, where block hours increased 6.8% from last quarter despite flying fewer aircraft.”

For the three months ending March 31, 2021, the Group's operating expenses decreased year-over-year by 52 percent to $81 million, primarily attributable to $56 million in Payroll Support Program Extension (PSP2) funds, recorded as an offset to wages. All operating revenue for the second quarter of FY21 was derived from operations associated with Capacity Purchase Agreements with American and United, as well as a Flight Services Agreement with DHL.

Mesa Air Group ended the quarter with approximately $148 million in cash and cash equivalents. During the quarter, the company repaid a $48 million pre-payment from United Airlines. At March 31, 2021, Mesa had $725 million in total debt, primarily secured with aircraft and engines. Additionally, the company was granted $52.2 million in U.S. Treasury PSP3 funds, half of which was received on April 23, 2021, with the remaining $26.1 million expected this month.

Phoenix Arizona-based Mesa Air Group, Inc. (NASDAQ: MESA) is the holding company of Mesa Airlines which offers scheduled service to 95 cities in 38 states, Washington D.C. and Mexico, as well as cargo services out of Cincinnati/Northern Kentucky International Airport. As of April 30, 2021, the carrier operated around 450 daily departures with a fleet of 163 aircraft. The company currently has approximately 3,100 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 after-hours trading on Monday (5/10/21) shares in Mesa Air Group, Inc. (NASDAQ: MESA) were 5.51% lower at $10.30/share (5:31 PM EDT).

Source: Mesa Air Group


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