Eric Woodward (NASDAQ:WWD), the Chief Accounting Officer of SkyWest Inc. (NASDAQ:SKYW), recently sold 4,000 shares of the company's common stock, according to a recent SEC filing. The shares were sold at an average price of $111.529, totaling approximately $446,116. Following this transaction, Woodward holds 44,426 shares directly.
In addition to the sale, Woodward also made a charitable gift of 1,700 shares, which was transferred without any monetary consideration. After these transactions, Woodward's direct ownership stands at 42,726 shares, with an additional 3,166 shares held indirectly through a 401K plan.
In other recent news, SkyWest Incorporated has reported robust earnings and revenue results. The company's recent financial performance surpassed expectations, with earnings per share (EPS) of $2.16, exceeding TD Cowen's estimate of $1.95 and consensus estimates of $1.93. SkyWest's sales reached approximately $913 million, surpassing both TD Cowen's and consensus estimates.
In response to these results, TD Cowen reaffirmed a positive stance on SkyWest shares, raising the airline's price target to $120 from the previous $95 while maintaining a Buy rating. SkyWest also provided an optimistic outlook, revising upward the full-year 2024 EPS guidance and anticipating the full-year 2025 EPS to surpass previous consensus estimates.
Regarding other company developments, SkyWest reported a net income of $90 million and a total revenue of $913 million, a 19% increase from the same period last year. The company's growth strategy includes expanding its fleet with 60 new aircraft by the end of 2026, and plans to repay over $400 million in debt in 2024. Despite projected increases in maintenance expenses, SkyWest remains committed to growth in underserved markets and increasing aircraft utilization.
InvestingPro Insights
As SkyWest Inc. (NASDAQ:SKYW) experiences insider activity, it's worth examining the company's current financial position and market performance. According to InvestingPro data, SkyWest boasts a market capitalization of $4.55 billion, reflecting its substantial presence in the regional airline industry. The company's P/E ratio stands at 18.68, suggesting a moderate valuation relative to its earnings.
SkyWest has demonstrated impressive financial growth, with revenue increasing by 16.42% over the last twelve months to $3.34 billion. This growth trajectory is further emphasized by a robust EBITDA growth of 60.14% during the same period, indicating strong operational efficiency improvements.
InvestingPro Tips highlight that SkyWest's stock has shown significant momentum, with a remarkable 160.2% return over the past year. The stock is currently trading near its 52-week high, which aligns with the recent insider sale by the Chief Accounting Officer. This strong performance may be attributed to the company's expected profitability this year, as noted by analysts.
Investors should be aware that SkyWest does not pay a dividend to shareholders, which may be a consideration for income-focused investors. However, the company's high shareholder yield, as pointed out by another InvestingPro Tip, suggests that the company may be returning value to shareholders through other means, such as share buybacks.
For those seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for SkyWest, providing deeper insights into the company's financial health and market position.
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