SkyWest (SKYW) closed at $87.35 in the latest trading session, marking a +0.9% move from the prior day. The stock's change was more than the S&P 500's daily gain of 0.71%. Meanwhile, the Dow experienced a rise of 1.03%, and the technology-dominated Nasdaq saw an increase of 0.6%.
The regional airline's stock has climbed by 15.88% in the past month, exceeding the Transportation sector's gain of 3.49% and the S&P 500's gain of 6.41%.
Investors will be eagerly watching for the performance of SkyWest in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 31, 2024. It is anticipated that the company will report an EPS of $1.92, marking a 249.09% rise compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $887.48 million, up 15.83% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $6.88 per share and revenue of $3.44 billion, indicating changes of +793.51% and +17.12%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for SkyWest. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. SkyWest is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that SkyWest has a Forward P/E ratio of 12.58 right now. This expresses a premium compared to the average Forward P/E of 10.17 of its industry.
The Transportation - Airline industry is part of the Transportation sector. Currently, this industry holds a Zacks Industry Rank of 51, positioning it in the top 21% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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