What's in the Offing for SkyWest (SKYW) in Q2 Earnings?
SkyWest, Inc. SKYW is scheduled to report second-quarter 2023 results on Jul 27, after market open.
SKYW has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the preceding four quarters (one miss), the average beat being 18.2%. The Zacks Consensus Estimate has narrowed from a loss of 57 cents per share to a loss of 46 cents over the past 60 days.
Let’s have a look at the factors likely to have affected SKYW’s performance in the quarter under review.
SkyWest, Inc. Price and EPS Surprise
SkyWest, Inc. price-eps-surprise | SkyWest, Inc. Quote
The Zacks Consensus Estimate for SKYW’s second-quarter 2023 revenues is pegged at $706.1 million, indicating 11.6% fall year over year. The top line is likely to have been hurt by lower revenues from flying agreements. The metric has plunged 17.5% year over year, per our estimates.
Fuel expenses are likely to have affected the bottom line in the second quarter. Even though fuel price has come down from the highs witnessed earlier, it still remains at an elevated level. The Zacks consensus estimate indicates the bottom line to decline 143% year over year.
What Our Model Says
Our proven model conclusively predicts an earnings beat for SkyWest this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is exactly the case here. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
SkyWest has an Earnings ESP of +16.94% and a Zacks Rank #3.
Other Stocks to Consider
Here are a few other stocks from the broader Zacks Transportation sector that investors may consider as our model shows that these too have the right combination of elements to beat on earnings this time around.
JetBlue Airways Corporation JBLU currently has an Earnings ESP of +12.5% and a Zacks Rank #2. It will release second-quarter 2023 results on Aug 1. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for JBLU’s second-quarter 2023 earnings has surged 185.1% year over year.
Copa Holdings, S.A. CPA has an Earnings ESP of +0.82% and a Zacks Rank #2. CPA will release results on Aug 9.
Copa Holdings has an expected earnings growth rate of more than 100% for second-quarter 2023. CPA delivered a trailing four-quarter earnings surprise of 14.60%, on average. The Zacks Consensus Estimate for CPA’s second-quarter 2023 earnings has been revised upward by 94% in the past 90 days.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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JetBlue Airways Corporation (JBLU) : Free Stock Analysis Report
Copa Holdings, S.A. (CPA) : Free Stock Analysis Report
SkyWest, Inc. (SKYW) : Free Stock Analysis Report
