(RTTNews) - SkyWest, Inc. (SKYW) on Thursday said its profit for the second quarter dropped, largely hurt by higher fuel costs in its prorate business, which offset an increase in revenues. The company also expanded its share repurchase program by $250 million.
Second-quarter net income declined to $100.7 million or $2.54 per share from $120.3 million or $2.91 per share a year earlier.
Revenue increased 7% to $1.10 billion from $1.04 billion, as block hour production rose 5% year over year.
Operating expenses rose 9% to $946.9 million, reflecting higher production-related costs and increased prorate fuel prices.
SkyWest's board approved a $250 million increase to the share repurchase program.
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