SkyWest Q2 net income falls to $15M from $54M; revenue down 9%, defers $60M revenue

SKYWEST INC

2023-Q2 EPS reported -$0.14 revenue$1,417,474,000

Net income of $15M ($0.35 diluted) vs $54M ($1.07) in Q2 2022.
Revenue $726M, down 9% YoY; $60M deferred under amended flying contracts.
Repurchased 3.3M shares for $94M in Q2; H1 2023 repurchased 8.4M shares (17% of outstanding).
Cash and securities $862M, total debt $3.2B; capex $31M in Q2.
Expects to add E175 aircraft: 2 for Delta in Q4 2023, 1 in 2024; 1 for Alaska in 2025; total 239 by end 2025.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SKYWEST INC reported three months ended June 30, 2023 results: revenue $726 million, net income $15 million, EPS $0.35 per diluted share.

Period: three months ended June 30, 2023
Revenue: $726 million
Net income: $15 million
EPS: $0.35 per diluted share
Result: reported results

Exact text from the filing

share repurchase program authorized by the SkyWest Board of Directors in May 2023 had $186 million of remaining availability as of June 30, 2023. Financial Results Revenue was $726 million in Q2 2023, down $73 million, or 9%, from $799 million in Q2 2022. SkyWest deferred recognizing $60 million of revenue during Q2 2023 compared to recognizing 1 previously

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Source: SEC EDGAR

accession 0001558370-23-012401

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