SkyWest, Inc. (SKYW) witnessed a remarkable surge of 6.7% in its stock price during the pre-market trading session on Friday. This soaring movement can be attributed to the company's impressive fourth-quarter 2024 financial performance and strategic initiatives revealed in its earnings report.
The regional airline reported robust financial results for Q4 2024, with a net income of $97 million or $2.34 per diluted share. For the full year 2024, SkyWest achieved a net income of $323 million or $7.77 per diluted share. The company's total revenue in Q4 2024 grew by an impressive 26% year-over-year, driven by strong demand and increased contract revenue.
SkyWest's strong performance was further bolstered by the extension of a multiyear contract with American Airlines for 74 CRJ 700 aircraft. This contract extension provides long-term revenue stability and strengthens the company's position in the regional airline market. Additionally, SkyWest demonstrated operational excellence with a remarkable 99.9% adjusted completion rate, highlighting its commitment to reliability and efficiency.
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