Russell A. Childs, the President and CEO of SkyWest Inc. (NASDAQ:SKYW), recently sold shares of the company's common stock valued at approximately $3.11 million. The transactions, which took place on November 6, 2024, involved the sale of a total of 27,903 shares at prices ranging from $110.06 to $112.63 per share.
Following these transactions, Childs holds 349,548 shares directly, with an additional 12,702 shares held indirectly through a 401K plan. The sales were conducted in several tranches, with the largest involving 15,779 shares sold at a weighted average price of $111.96 per share. Another significant transaction included the sale of 7,492 shares at a weighted average price of $111.13 per share.
In other recent news, SkyWest has been the focus of positive attention following its strong earnings and optimistic outlook. The company reported an earnings per share (EPS) of $2.16, surpassing the estimated figures of $1.95 by TD Cowen and the $1.93 consensus. This impressive performance was backed by sales reaching approximately $913 million, exceeding both TD Cowen's and consensus estimates.
SkyWest's management has revised upward the full-year 2024 EPS guidance, indicating a positive outlook for the company's future. TD Cowen has reaffirmed a positive stance on SkyWest shares, raising the airline's price target to $120 from the previous $95, maintaining a Buy rating.
In addition to these financial highlights, SkyWest has reported strong third-quarter results, with a net income of $90 million and a total revenue of $913 million. The company plans to expand its fleet with 60 new aircraft by the end of 2026 and repay over $400 million in debt in 2024. These recent developments underline SkyWest's commitment to enhancing its service offerings and growing its pilot workforce, demonstrating confidence in its long-term growth prospects.
InvestingPro Insights
SkyWest Inc. (NASDAQ:SKYW) has been experiencing a remarkable upward trajectory in its stock performance, which provides context for the recent insider sale by CEO Russell A. Childs. According to InvestingPro data, SkyWest's stock has shown a strong return of 160.2% over the past year, with a significant 30.41% gain in just the last month. This impressive performance has pushed the stock to trade near its 52-week high, with the current price at 98.15% of that peak.
The company's financial metrics also paint a picture of robust growth. SkyWest's revenue for the last twelve months as of Q3 2024 stood at $3.335 billion, representing a solid 16.42% growth. More impressively, the EBITDA growth over the same period was a staggering 60.14%, indicating substantial improvement in operational efficiency.
InvestingPro Tips highlight that SkyWest is expected to remain profitable this year, with net income projected to grow. This positive outlook is reflected in the company's P/E ratio of 18.68, which suggests a reasonable valuation considering the growth prospects. However, investors should note that the stock's RSI indicates it may be in overbought territory, which could explain the timing of the insider sale.
For those interested in a deeper dive into SkyWest's financial health and market position, InvestingPro offers 15 additional tips, providing a comprehensive analysis for informed investment decisions.
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