SkyWest, Inc. Announces Fourth Quarter 2014 Results
PR Newswire
ST. GEORGE, Utah, Feb. 12, 2015
ST. GEORGE, Utah, Feb. 12, 2015 /PRNewswire/ -- SkyWest, Inc. ("SkyWest") (NASDAQ: SKYW) today reported financial and operating results for the quarter ended December 31, 2014. Highlights are as follows:
Excluding special items, SkyWest's pre-tax income was $33.5 million for the December 2014 quarter, an increase of $ 18.4 million over the December 2013 quarter. SkyWest's net loss, including special items, was $(27.9) million, or $ (0.54) per diluted share, for the December 2014 quarter, compared to net income of $8.6 million, or $0.17 per diluted share, for the December 2013 quarter.
The December 2014 quarter includes special item expenses of $70.0 million pre-tax ($43.6 million after-tax) due to the accelerated retirement of SkyWest's EMB-120 turboprop aircraft and a code-share agreement modification that shortened the contract term for ExpressJet's operation of the ERJ145 aircraft type.
SkyWest's pre-tax income for the December 2014 quarter, excluding special items, increased 122% from the December 2013 quarter, despite a 6.6% reduction in departures and a 4.4% reduction in completed block hours, from the December 2013 quarter. Excluding the special items, the increase in pre-tax income from the December 2013 quarter was primarily due to higher unit revenue from new and renewed flying arrangements at improved rates as described in more detail below.
For the 2014 year, SkyWest's pre-tax income, excluding special items, was $58.4 million, compared to $98.5 million for the 2013 year. SkyWest's net loss, including special items, was $(24.2) million, or $(0.47) per diluted share, for the 2014 year, compared to net income of $59.0 million, or $1.12 per diluted share, for the 2013 year.