UPDATE 2-Regional carrier SkyWest profit edges higher - News

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UPDATE 2-Regional carrier SkyWest profit edges higher

By: AFX | 05 Nov 2009 | 09:14 AM ET

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NEW YORK, Nov 5 (Reuters) - Regional airline SkyWest Inc posted higher third-quarter earnings on Thursday helped by a 34 percent drop in expenses as fuel costs decreased. The airline's net income rose 9.2 percent to $28.6 million, or 50 cents per share, from $26.2 million, or 45 cents per share, a year earlier. Analysts, on average, had forecast a profit of 45 cents per share, according to Thomson Reuters I/B/E/S. But revenue slumped 32 percent to $637.8 million, missing analyst expectations of $781.3 million. The airline, whose jets fly for Delta Air Lines and UAL Corp's United, pinned the drop in revenue to lower reimbursements for fuel costs paid by the major airlines. SkyWest includes fuel reimbursements as part of its operating revenue. SkyWest's stock is down 25 percent this year as airlines cut capacity to grapple with lower travel demand. During the quarter, SkyWest bought 93,545 shares of its common stock for about $10.46 apiece, or $978,000. The company has the option to buy an additional 2.78 million shares. The St. George, Utah-based company's quarterly report comes on the heels of earnings from Republic Airways Holdings , which operates several regional airlines and bought Frontier Airlines and Midwest Airlines this year, Republic posted earnings of 9 cents per share Wednesday after the market closed, missing analysts' expectations of 29 cents per share. (Reporting by Deepa Seetharaman; Editing by Derek Caney and Maureen Bavdek) Keywords: SKYWEST/ (deepa.seetharaman@thomsonreuters.com; +1 646 223-6125; Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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