SkyWest Inc in the red due to aircraft asset impairment in 4Q2016

SkyWest Inc revenue up 1% - financial highlights:

• Three months ended 31-Dec-2016:
• • Total operating revenue: USD758.0 million, +0.7% year-on-year;
  • • Passenger: USD740.7 million, +0.5%;
    • Ground handling and other: USD17.3 million, +9.3%;
  • Total operating costs: USD1162 million, +65.9%;
  • • Labour: USD295.6 million, -0.5%;
    • Aircraft maintenance, materials and repairs: USD144.6 million, +1.2%;
  • Operating profit (loss): (USD404.5 million), compared to a profit of USD52.2 million in p-c-p;
  • Net profit (loss): (USD270.2 million), compared to a profit of USD40.5 million in p-c-p;
  • Passengers: 12.9 million, -5.1%;
  • Passenger load factor: 82.9%, -0.4 ppt;
  • Yield: USD 10.9 cents, +6.9%;
  • Revenue per ASM: USD 9.2 cents, +7.0%;
  • Cost per ASM: USD 14.5 cents, +76.8%;
  • Average passenger trip length: 526 miles, -0.9%;
• 12 months ended 31-Dec-2016:
• • Total operating revenue: USD3121 million, +0.8%;
  • • Passenger: USD3051 million, +0.7%;
    • Ground handling and other: USD69.8 million, +6.5%;
  • Total operating costs: USD3294 million, +15.1%;
  • • Labour: USD1211 million, +0.7%;
    • Aircraft maintenance, materials and repairs: USD569.3 million, -5.9%;
  • Operating profit (loss): (USD172.7 million), compared to a profit of USD234.5 million in p-c-p;
  • Net profit (loss): (USD161.6 million), compared to a profit of USD117.8 million in p-c-p;
  • Passengers: 53.5 million, -4.8%;
  • Passenger load factor: 82.1%, -0.5 ppt;
  • Yield: USD 10.9 cents, +6.9%;
  • Revenue per ASM: USD 9.2 cents, +7.0%;
  • Cost per ASM: USD 9.9 cents, +20.7%;
  • Average passenger trip length: 523 miles, -0.9%;
  • Total assets: USD5137 million;
  • Cash, restricted cash and marketable securities: USD564.9 million;
  • Total liabilities: USD3786 million. [more - original PR]

*SkyWest Inc 4Q2016 cost includes non-cash 50-seat aircraft asset impairment of USD466 million and an early aircraft lease return charge of USD7 million.