SkyWest Bombardier CRJ aircraft. Courtesy photo
Utah-based SkyWest Inc., parent of SkyWest Airlines and ExpressJet Airlines, posted a 2012 net profit of $51.2 million, reversing a $27.3 million net loss in 2011. Full-year total revenue was $3.53 billion, down 3.3% year-over-year.
SkyWest chairman and CEO Jerry Atkin said the company continues to “make positive progress in our cost reduction efforts that are resulting in improved profits, quarter over quarter.”
SkyWest’s fourth-quarter 2012 net income was $13.9 million, reversed from a net loss of $18 million in the year-ago period. SkyWest’s fourth quarter ended Dec. 31, 2012.
Total operating revenue for the fourth quarter was $810.7 million, down 9.9% year-over-year. SkyWest said the decrease was due primarily to the reduction of $115.8 million of fuel and certain engine overhaul amounts, “which are directly reimbursed by major partners and recorded as operating revenues, offset by an increase in revenues of approximately $27.5 million as a result of additional block hour production and incentive amounts for improvements in completion factors and on-time performance for its flights.”
Total airline expenses decreased $139.1 million, or 15% during the quarter. According to SkyWest, the decrease was primarily the result of “reduced non-pass through maintenance costs of approximately $14.7 million, reduced United Express [Bombardier] CRJ200 engine overhaul costs of approximately $8.7 million and reduced customer service labor of approximately $7.9 million due to the elimination of handling of flights at certain airports.”
As of Dec. 31, 2012, SkyWest’s fleet comprised 744 aircraft, compared to 732 aircraft at the end of 2011.
SkyWest firmed an order for 100 MRJs in December 2012. Deliveries are expected to begin in 2016.
atwonline.com
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