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 announces the retirement of Mike Thompson as Chief Operating Officer, effective immediately after nearly 20 years. Greg Wooley takes over as Executive Vice President – Operations, bringing over 25 years in aviation leadership. Additional leadership changes include Sonya Wolford as Senior Vice President of InFlight and Tracy Gallo as Senior Vice President of Flight Operations. These structural changes are aimed at enhancing operational performance amidst a shifting industry climate.
SkyWest, Inc. (NASDAQ: SKYW) will hold a conference call to discuss its third quarter 2020 results after market close on October 29, 2020, at 2:30 p.m. MT. Interested participants can join by calling specific numbers for US, international, or Canada callers. The call will include a results overview and a Q&A session. A digital rebroadcast will be available from 4:30 p.m. MT on the same day through November 12, 2020. The rebroadcast can be accessed via provided dialing options, with a conference ID of 10148594.
SkyWest, Inc. (NASDAQ: SKYW) announced a five-year Loan and Guarantee Agreement with the U.S. Treasury, allowing its subsidiary SkyWest Airlines to borrow up to $573 million under the CARES Act. On September 29, 2020, SkyWest borrowed $60 million, with options for additional funds by March 26, 2021. The loan has an interest rate of LIBOR plus 3.0% and is collateralized by aircraft engines and parts. This agreement includes restrictions on dividend payments and share repurchases, and required the issuance of warrants to the Treasury for 211,416 shares at an exercise price of $28.38.
SkyWest reported a Q2 2020 net loss of $26 million, or $0.51 per share, a significant decline from a net income of $88 million in Q2 2019. Total revenue fell to $350 million, down from $744 million, due to reduced flight schedules amid the COVID-19 pandemic. Operating expenses decreased to $354 million, with $152 million in CARES Act payroll support recognized. SkyWest expanded its fleet with 21 used and two new E175 aircraft from United Airlines and two new E175s and three used E175s from Delta Air Lines. SkyWest's cash and marketable securities totaled $762 million at the end of June 2020.
SkyWest, Inc. (NASDAQ: SKYW) will host a conference call on July 30, 2020, at 2:30 p.m. MT, to discuss its second quarter 2020 results. The call will feature a review of quarterly performance followed by a Q&A session. US callers can join by dialing 1-877-418-5293, while international participants can call 1-412-717-9593. A digital rebroadcast will be available post-call until August 13, 2020. Interested parties can also access the live call via PR Newswire Webcast.