SkyWest, reported financial and operating results for Q2 2018, this week, showing a net income of $76 million, or $1.43 per diluted share, compared to net income of $50 million, or $0.95 per diluted share for Q2 2017. Q2 2018 pre-tax income of $98 million increased 21% from Q2 2017 and was primarily due to SkyWest's ongoing fleet transition. Since Q2 2017, SkyWest added 23 new E175 aircraft and removed 34 CRJ700/CRJ900 aircraft and 32 CRJ200/ERJ145 aircraft.
Some highlights
Net income of $76 million, or $1.43 per diluted share, up from $50 million or $0.95 per diluted share in Q2 2017Pre-tax income of $98 million, up 21% from $81 million in Q2 2017New agreement to operate 20 new CRJ900s for Delta Air Lines under a nine-year term, replacing 20 CRJ700s expiring from contractNew agreement to place 20 used CRJ700s with American Airlines under a four-year termThree-year extension on 19 CRJ700s scheduled to expire in 2019/2020 with United AirlinesNew agreement to place 20 internally-sourced CRJ200s under a three-year contract with United
Commenting on the results, Chip Childs, Chief Executive Officer and President of SkyWest, said "We are focused on remaining disciplined in our execution of fleet solutions that meet the needs of our customers. The agreements and extensions announced this quarter are expected to continue to improve our fleet mix in alignment with our overall fleet transition strategy. I appreciate the dedicated service our professionals consistently provide to our customers.".
