SkyWest Inc. (SKYW) reported a surge in second-quarter net income to $17.0 million, or $0.33 per share, from $1.6 million, or $0.03 per share a year before.
Operating revenues were $937.2 million for the quarter, compared with $933.7 million for the same period last year.
On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.14 on $941.00 million revenue for the quarter. Analysts' estimates typically exclude one-time items.
SkyWest generated higher operating revenues from increased incentive payments under its contracts with major partners primarily as a result of better on-time and completion factor performance. Also, the company said its improved results reflected the implementation of cost reduction programs during 2011 from which it achieved reduced flight crew and maintenance costs, as well as other benefits for the quarter ended June 30, 2012.
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