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SkyWest Reports Fourth Quarter Net Income of $4.0 Million, Full Year 2021 Net Income of $112 Million

SkyWest has reported a fourth quarter net income of $4.0 million or $0.09 per diluted share and a full year 2021 net income of $112 million. The carrier’s adjusted FY 2021 net income was $176 million or $3.46 per diluted share.

SkyWest Embraer E175 Operating Under Contract With Delta - Courtesy Delta Air Lines

On Thursday (February 3, 2022), SkyWest, Inc. (NASDAQ: SKYW) reported their fourth quarter and full year financial results for the period ending December 31, 2021. The carrier reported a fourth quarter net income of $4.0 million or $0.09 per diluted share compared to a net loss of $46 million or ($ 0.93) per share during the same period last year. For the full year 2021, SkyWest reported a net income of $112 million or $2.20 per diluted share versus a net loss of 9.0 million or ($0.17) for FY 2020. The airline’s adjusted net income for 2021 was $176 million or $3.46 per diluted share.

In Thursday’s announcement, SkyWest’s Chief Executive Officer, Chip Childs, 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.”

SkyWest's Fourth Quarter and Full Year 2021 Financial Results - Courtesy SkyWest

At December 31, 2021, SkyWest had cash and marketable securities totaling $860 million, up from $826 million at December 31, 2020. The carrier ended the year with total debt of $3.1 billion, down from $3.2 billion at the end of 2020. Fourth Quarter 2021 CAPEX was $304 million, primarily for the purchase of 12 new Embraer E175s, four used CRJ 700s and spare engines, plus $18 million for other fixed assets.

SkyWest continues to optimize fleet deliveries in coordination with their major airline partners under previously announced agreements. Under their contract with American Airlines for 20 Embraer E175s, six aircraft were delivered in Q3 2021, twelve in Q4 2021, and the remaining two are expected to be delivered during the first half of (H1) 2022. The carrier expects all 20 aircraft to be placed into service this year. SkyWest also placed eight CRJ 700s under contract with American during Q4 2021, and ended the year with a total of 90 CRJs under contract with the airline.

SkyWest also expects to take delivery of and place into service 16 Embraer E175s this year under contract with Delta Air Lines, replacing 16 existing CRJ 900s. On behalf of Alaska Airlines, the carrier expects to take delivery of 11 E175s, with ten deliveries in 2022 and one delivery expected during H1 2023. In total, SkyWest anticipates placing 47 new Embraer E175s into service in 2022 and early 2023, of which 18 were delivered and debt financed at the end of Q4 2021, with the remaining 29 to be delivered in 2022 and 2023.

St. George, Utah-based SkyWest, Inc. (NASDAQ: SKYW) is the holding company for SkyWest Airlines and SkyWest Leasing. The regional carrier usually operates up to 2,500 daily flights to more than 250 destinations throughout North America with a fleet of over 450 aircraft. Through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines, SkyWest carried 21 million passengers in 2020, down from 43 million passengers in 2019 due to the global COVID-19 pandemic.

Source: SkyWest


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