SkyWest, Inc. reports news on its regional airline holding company, which includes SkyWest Airlines, SkyWest Charter and SkyWest Leasing. The company operates regional air service through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines, connecting passengers to destinations across North America and generating additional activity through aircraft leasing.
Recurring updates cover quarterly and annual operating results, block-hour production, fleet utilization, pilot training costs, aircraft deliveries and capital deployment for regional flying. Company news also addresses fleet flexibility across CRJ and E175 aircraft, regional service in smaller communities, strategic aviation investments and customer-partner agreements that shape SkyWest's aircraft portfolio and operating capacity.
SkyWest reported a net income of $36 million for Q1 2021, or $0.71 per diluted share, an increase from $30 million in Q1 2020. Revenue decreased by 27% to $535 million due to reduced flight operations amid the COVID-19 pandemic. Operating expenses fell 32% to $454 million, aided by $193 million in payroll support grants. SkyWest holds $836 million in cash and marketable securities and plans to utilize a $725 million secured loan facility. Future deliveries of CRJ700 aircraft are set as part of agreements with American and Delta Airlines.
SkyWest, Inc. (NASDAQ: SKYW) announced a $250 million agreement under the Payroll Support Program 3 with the U.S. Treasury, received partially on April 23, 2021. The funds will support employee wages and benefits while imposing restrictions on terminations, dividends, and executive compensation. Additionally, SkyWest secured $35 million from the Payroll Support Program Extension (PSP 2), also on April 23, with specific loan terms and warrants issued. This funding aims to stabilize the company amid ongoing challenges posed by the COVID-19 pandemic.
On April 15, 2021, 1health announced a partnership with SkyWest Airlines (NASDAQ: SKYW) to provide COVID-19 testing for the airline's employees nationwide. 1health's Testing as a Service platform will offer a saliva-based test and a rapid antigen nasal swab test, enhancing health safety measures during the pandemic. The saliva test allows for self-administration and delivers results within 48 hours, while the nasal swab test provides results in as little as 10 minutes. This collaboration aims to facilitate safe travel and promote employee health.
SkyWest, Inc. (NASDAQ: SKYW) will hold a conference call on April 29, 2021, at 2:30 p.m. MT to discuss its first quarter 2021 results. The call will include an overview of the quarterly performance and a Q&A session. U.S. participants can call 1-877-418-5293, and international callers can reach 1-412-717-9593. A digital rebroadcast will be accessible from 4:30 p.m. MT on April 29 until May 13, 2021. For more details, interested parties can access the live call via PR Newswire Webcast.
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SkyWest reported a Q4 2020 net loss of $46 million, or $0.93 loss per share, significantly lower than Q4 2019's net income of $73 million. For the full year, SkyWest's revenue declined 28% to $2.1 billion due to the impact of COVID-19. Q4 revenue fell 21% year-over-year to $590 million, despite a sequential increase from Q3. The company ended 2020 with $826 million in cash and marketable securities. SkyWest's total debt rose to $3.2 billion.
SkyWest, Inc. (NASDAQ: SKYW) announced a Payroll Support Program Extension Agreement with the U.S. Treasury Department to receive approximately $233 million, aiding employee wages and benefits. Half of the funding is received now, with the rest expected in February 2021. The aid includes a $40 million unsecured loan and warrants for 98,815 shares at a strike price of $40.41. Additionally, SkyWest extended its borrowing deadline under a $725 million Loan Agreement to May 28, 2021.
SkyWest, Inc. (NASDAQ: SKYW) is set to host a conference call on February 4, 2021, at 2:30 p.m. MT to discuss its fourth quarter and full year 2020 results. Investors and interested parties can participate by calling in or accessing a live webcast. A digital rebroadcast will be available from 4:30 p.m. MT on the same day until February 18, 2021. For more details, visit the official link.
SkyWest, Inc. (NASDAQ: SKYW) announced the appointment of Smita Conjeevaram to its Board of Directors on January 11, 2021. With over 25 years of experience in finance, including significant roles at PricewaterhouseCoopers LLP, Conjeevaram has served as Deputy CFO at Fortress Investment Group. She is currently a director at SS&C Technologies, Inc. and a Certified Public Accountant. Chairman Jerry C. Atkin expressed confidence that her background will add value to SkyWest and benefit stakeholders.
SkyWest reported its Q3 2020 results, showing a net income of $34 million or $0.66 per diluted share, down from $91 million or $1.79 per diluted share in Q3 2019. Revenue dropped to $457 million from $760 million due to COVID-19 impacts. Notably, SkyWest secured a $725 million loan facility and announced new agreements for 20 used CRJ700s with American Airlines. Operating expenses fell to $383 million, aided by $190 million in CARES Act payroll support. Cash and marketable securities rose to $822 million, while total debt increased to $3.1 billion.