Utah-based SkyWest Inc., parent of regional carriers SkyWest Airlines and ExpressJet Airlines, reported a net profit of $59 million for 2013, up 15.2% from the $51.2 net profit posted by the company in 2012. Full-year revenue was $3.3 billion, down 6.7% year-over-year. Operating expenses for the year came to $3.1 billion, down 6.7% year-over-year; SkyWest Inc.’s operating income for the year came to $153.1 million, down 7.8% from 2012.
SkyWest’s traffic in 2013 rose 5.8% to 31.8 billion RPMs on a 5.2% rise in capacity to 39.2 billion ASMs, resulting in a yearly load factor of 81.2%, up 0.5 point from 2012.
Yield fell 11.3% to 10.2 cents; RASM decreased 11.6% to 8.4 cents and CASM dropped 10.9% to 8.2 cents. SkyWest’s fuel expenses for 2013 were $193.5 million, down 54.6% from 2012. The company carried 60,581,940 passengers in 2013, up 3% from 2012.
SkyWest’s fourth-quarter 2013 net income was $8.6 million, a 38.3% year-over-year drop from a net profit of $13.9 million in the year-ago period. Total operating revenue for the fourth quarter was $804.4 million, down 0.8% year-over-year. Fourth-quarter operating expenses came to $773.5 million, up 0.9% year-over-year; operating income for the quarter was $30.8 million, down 29.6% year-over-year.
The company’s fourth-quarter earnings drop was “primarily due to advance preparations for the implementation of FAR 117, the new flight and duty time regulations, and aging maintenance costs on the 50-seat aircraft,” SkyWest chairman and CEO Jerry Atkin said. “We also [began] certification work on the [Embraer] E-175 aircraft that are scheduled for delivery beginning in the first quarter of 2014.”
As of Dec. 31, 2013, SkyWest’s fleet consisted of 757 aircraft, compared to 744 aircraft at the end of 2012.
In January, SkyWest was named ATW’s Regional Airline of the Year.