SkyWest Reports First Quarter 2023 Net Loss of $22 Million or $0.45 per Diluted Share
SkyWest has reported a first quarter net loss of $22 million or ($0.45) per diluted share on a 6.0 percent year-over-year decline in revenue to $692 million. At March 31, 2023, the carrier had cash and marketable securities totaling $936 million.
On Thursday (April 27, 2023), SkyWest reported their first quarter 2023 financial results for the period ending March 31, 2023. The carrier reported a first quarter net loss of $22 million or ($0.45) per diluted share on a year-over-year decrease in revenue of 6.0 percent to $692 million. During the first quarter, the company repurchased 5.1 million common shares for $100 million, and deferred $63 million in revenue related to cash payments received under flying contracts. At March 31, 2023, SkyWest had cash and marketable securities totaling $936 million and total debt of $3.3 billion.
In Thursday’s announcement, SkyWest’s Chief Executive Officer, Chip Childs, said,
“We are making solid headway in our production and performance objectives. We continue to experience exceptionally high demand for our products and appreciate the ongoing engagement from each of our partners. I also want to thank our people for their great work in delivering both an outstanding product and exceptional reliability through the challenging first quarter.”
During Q1, SkyWest acquired 24 CRJ700s and eight CRJ200s under an early lease buyout for $125 million. The airline expects to add two Embraer E175s in Q4 2023, as well as one E175 in 2024 under a flying contract with Delta Air Lines. Under a contract with Alaska Airlines, SkyWest also plans on adding another E175 in 2025. By the end of 2025, SkyWest expects to operate a total of 240 Embraer E175s.
St. George, Utah-based SkyWest, Inc. (NASDAQ: SKYW) is the holding company for SkyWest Airlines and SkyWest Leasing. The regional carrier typically operates up to 2,500 daily flights to more than 230 destinations throughout North America with a fleet of approximately 500 aircraft. Through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines, SkyWest carried over 40 million passengers in 2022.