Shares of SkyWest Inc. (SKYW) soared 5.11% on Thursday, November 1st, following the company's impressive third quarter earnings report released after the market close on October 31st. The regional airline operator exceeded Wall Street's expectations for both earnings and revenue, fueled by strong growth across its key business segments.
SkyWest reported adjusted earnings per share of $2.16 for Q3 2024, significantly higher than analysts' consensus estimate of $1.92. Revenue jumped 19.1% year-over-year to $912.79 million, surpassing analysts' projections of $889 million. Net income for the quarter stood at $89.71 million, reflecting a substantial increase from the same period last year.
The strong results were driven by robust growth in SkyWest's contract revenue, pro rate and charter revenue, as well as leasing and other revenue streams. The company's contract revenue rose 20% year-over-year to $761 million, while pro rate and charter revenue climbed 11% to $123 million. Leasing and other revenue also increased by $5 million compared to the prior year.
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