NEW YORK (TheStreet) -- Shares of SkyWest (SKYW) - Get Report were gaining 10.8% to $15.50 in after-hours trading Thursday after the regional airline beat analysts' estimates for earnings in the second quarter.
SkyWest reported earnings of 61 cents a share for the second quarter, easily beating analysts' estimates of 26 cents a share for the quarter. Revenue fell 3.4% year over year to $788.42 million for the quarter, but above analysts' estimates of $765.35 million.
The airline said load factor increased to 84.1% in the second quarter, up from 83.9% in the year-ago quarter. Revenue per available seat mil grew to 8.6 cents from 8.4 cents in the year-ago quarter.
"Our second quarter results reflect meaningful progress in our action plans to secure profitable flying contracts, remove unprofitable aircraft and provide solid operating performance," President Chip Childs said in a statement.
TheStreet Ratings team rates SKYWEST INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SKYWEST INC (SKYW) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, good cash flow from operations, solid stock price performance, growth in earnings per share and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."
You can view the full analysis from the report here: SKYW Ratings Report