SkyWest’s net income was $41.3 million (inclusive of $15.3 million after-tax related to TRIP gain from below), or $0.79 per diluted share, for the quarter ended September 30, 2014. This compares to net income of $26.4 million, or $0.50 per diluted share, for the same period last year.
Significant financial items related to the third quarter included:
Operating income, which excludes TRIP gain, increased $2.9 million from the same period last year, despite the negative financial impact of FAR117 flight and duty rules implemented January 2014
The completion of the Trip Linhas Aereas S.A. stock sale resulted in a pre-tax gain of $24.9 million and interest income of $2.1 million
Operating revenues, after excluding a reduction in direct contract reimbursement for pass-through cost expenses, increased 1.9% compared to the prior period, despite a 6.0% reduction in departures and 3.8% reduction in block hours from the prior period
Significant operational and commercial items include:
16 ERJ145s were removed from contract during the third quarter of 2014. SkyWest anticipates 18 ERJ145s will be removed during the fourth quarter of 2014, and 23 ERJ145s and 9 ERJ135s will be removed during the first half of 2015.