ST. GEORGE, Utah (AP) ? SkyWest Inc. was one of the biggest gainers on the Nasdaq Wednesday, after the airline reported second-quarter earnings that soared above year-ago results and easily beat expectations on Wall Street.
SkyWest,based in St. George, Utah, operates regional jets for United Continental Holdings Inc. and Delta Air Lines Inc. It earned almost $17 million between April and June, or 33 cents per share. Last year, SkyWest reported net income of about $1.6 million, or 3 cents per share.
Revenue rose to $937.2 million from $933.7 million a year ago.
Analysts polled by FactSet expected earnings of 14 cents per share on $941 million.
SkyWest said added incentive revenue for being on-time and completing more flights helped the quarter, as did a reduction in crew and maintenance costs. The biggest factor in its improved results was SkyWest passing more of its fuel and engine maintenance costs to its big airline partners.
SkyWest shares rose $1.58, or 23.6 percent, to $8.27 in afternoon trading. The stock has traded between $6.25 and $14.32 in the past 52 weeks.
Source: http://news.yahoo.com/skywest-2q-net-income-soars-shares-off-185835541--finance.html
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