U.S regional airline operator SkyWest, Inc. (SKYW) reported first-quarter net income of $3.2 million, or $0.06 per share, compared with a loss of $0.7 million, or $0.01 per share, for the same period last year. On average, 5 analysts polled by Thomson Reuters expected earnings per share of $0.02 for the quarter. Analysts' estimates typically exclude one-time items.
Operating revenues dropped to $803.5 million, from $921.2 million a year ago, down by 12.8%, mainly due to the reduction of $128.2 million of fuel and certain engine overhaul amounts which are directly reimbursed by major partners and recorded as operating revenues. Analysts estimated revenues of $824.20 million for the quarter.
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