SkyWest (NASDAQ:SKYW) shares took flight on Friday after the regional airline reported a smaller-than-expected loss for the first quarter.
The St. George, Utah-based airline posted a net loss of $22 million or a loss of $0.45 per share, compared to a profit of $18 million or earnings per share of $0.35 per share in 1Q 2022. Analysts, however, had expected a loss per share of $0.54.
Revenue fell from $735 million in the first quarter of 2022 to $692 million, a $43 million or 6% decline.
“We are making solid headway in our production and performance objectives,” commented SkyWest (NASDAQ:SKYW) CEO Chip Childs in a statement.
SkyWest shares had added 20% at US$28.88 shortly before noon on Friday. The stock is up almost 75% in the year to date.
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