U.S. Markets open in 9 hrs 5 mins

Mesa Air Group, Inc. (MESA)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
Add to watchlist
9.78-0.60 (-5.78%)
At close: 4:00PM EDT
Full screen
Trade prices are not sourced from all markets
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Neutralpattern detected
Previous Close10.38
Open10.17
Bid9.81 x 3000
Ask9.82 x 4000
Day's Range9.77 - 10.40
52 Week Range2.65 - 17.40
Volume789,833
Avg. Volume1,448,385
Market Cap347.858M
Beta (5Y Monthly)3.24
PE Ratio (TTM)11.28
EPS (TTM)0.87
Earnings DateMay 10, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est13.80
  • Mesa Air Group Reports April 2021 Operating Performance
    GlobeNewswire

    Mesa Air Group Reports April 2021 Operating Performance

    PHOENIX, May 12, 2021 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) today reported Mesa Airlines’ operating performance for April 2021. Mesa Airlines reported 26,883 block hours in April 2021, a 161.1 percent increase from April 2020 as a result of increased flying due to industry recovery from the COVID-19 pandemic. The company also reported a controllable completion factor of 99.95 percent and 99.97 percent for its American and United operations, respectively. Operating statistics for April 2021 and fiscal year 2021 YTD are included in the table below. Apr-21Apr-20% Change YTD FY2021YTD FY2020% ChangeBlock Hours American11,0665,96585.5% 74,198102,632-27.7%United15,6444,331261.2% 94,645131,531-28.0%DHL173n/aN/A 1,229n/aN/ATotal26,88310,297161.1% 170,072234,163-27.4% Apr-21Apr-20% Change YTD FY2021YTD FY2020% ChangeDepartures American6,1983,33386.0% 38,54658,710-34.3%United7,2032,491189.2% 44,79065,274-31.4%DHL120n/aN/A 799n/aN/ATotal13,5215,824132.2% 84,135123,984-32.1% Apr-21Apr-20% Change YTD FY2021YTD FY2020% ChangeControllable Completion Factor* American99.95%100.00%-0.05% 99.84%99.73%0.1%United99.97%100.00%-0.03% 99.98%99.98%0.0% TotalCompletionFactor** American98.80%60.44%63.5% 96.99%92.88%4.4%United99.64%60.99%63.4% 97.16%94.39%2.9% Operating statistics month over month for the second quarter of fiscal year 2021 and QTD are included in the table below. Apr-21Mar-21% Change QTD FY2021QTD FY2020% ChangeBlock Hours American11,06611,989-7.7% 11,0665,96585.5%United15,64415,983-2.1% 15,6444,331261.2%DHL17315512.0% 173n/aN/ATotal26,88328,127-4.4% 26,88310,297161.1% Apr-21Mar-21% Change QTD FY2021QTD FY2020% ChangeDepartures American6,1986,240-0.7% 6,1983,33386.0%United7,2037,162-0.6% 7,2032,491189.2%DHL120100-16.7% 120n/aN/ATotal13,52113,502-0.1% 13,5215,824132.2% Apr-21Mar-21% Change QTD FY2021QTD FY2020% ChangeControllable Completion Factor* American99.95%99.86%0.1% 99.95%100.00%0.0%United99.97%100.00%0.0% 99.97%100.00%0.0% TotalCompletionFactor** American98.80%98.13%0.7% 98.80%60.44%63.5%United99.64%99.58%0.1% 99.64%60.99%63.4% *Controllable Completion Factor excludes cancellations due to weather and air traffic control**Total Completion Factor includes all cancellations About Mesa Air Group, Inc. Headquartered in Phoenix, Arizona, Mesa Air Group, Inc. is the holding company of Mesa Airlines, a regional air carrier providing scheduled passenger service to 95 cities in 35 states, the District of Columbia, and Mexico as well as cargo services out of Cincinnati/Northern Kentucky International Airport. As of April 30th, 2021, Mesa operated a fleet of 163 aircraft with approximately 450 daily departures and 3,100 employees. Mesa operates all of its flights as either American Eagle, United Express, or DHL Express flights pursuant to the terms of capacity purchase agreements entered into with American Airlines, Inc., United Airlines, Inc., and DHL. Investor RelationsSusan Donofriosusan.donofrio@fticonsulting.com MediaMegan BilbaoMedia@mesa-air.com

  • Mesa Air (MESA) Q2 Earnings Top Estimates
    Zacks

    Mesa Air (MESA) Q2 Earnings Top Estimates

    Mesa Air (MESA) delivered earnings and revenue surprises of 27.78% and -17.91%, respectively, for the quarter ended March 2021. Do the numbers hold clues to what lies ahead for the stock?

  • Mesa Air Group Reports Second Quarter Fiscal 2021 Results
    GlobeNewswire

    Mesa Air Group Reports Second Quarter Fiscal 2021 Results

    PHOENIX, May 10, 2021 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) today reported second quarter fiscal 2021 financial and operating results. Highlights for the quarter: Pre-tax income of $7.6 million, net income of $5.7 million or $0.14 per diluted share1Adjusted pre-tax income of $12.1 million, adjusted net income of $9.1 million or $0.23 per diluted share 1Letter of Intent to lease an additional 737-400F cargo aircraftInvested in Archer Aviation’s eVTOL electric aircraft along with United AirlinesLetter of Intent with Gramercy Partners to develop a European-based regional airlineNamed to Forbes’ list of America’s Best Midsize Employers for 2021 Mesa's Q2 2021 results reflect net income of $5.7 million, or $0.14 per diluted share, compared to net income of $1.9 million, or $0.05 per diluted share for Q2 2020. Mesa’s results include a one-time non-cash $4.5 million lease termination expense resulting from the purchase of a previously leased CRJ-900 aircraft. Adjusting for this, Mesa’s Q2 2021 quarterly net income per diluted share would have increased to $0.231. Mesa's Q2 2021 pre-tax income was $7.6 million, compared to $3.2 million for Q2 2020. Mesa's Q2 2021 adjusted pre-tax income1 was $12.1 million, compared to $3.2 million for Q2 2020. Mesa’s Q2 2021 results include, per GAAP, the deferral of $4.9 million of revenue, all of which was billed and paid by American and United during the quarter and will be recognized over the remaining terms of the contracts. The primary reason for the $8.9 million increase in adjusted pre-tax income from Q2 2020 to Q2 2021 was $56.0 million of benefit from the Payroll Support Program (“PSP2”) under the CARES Act largely offset by temporarily reduced rates offered to our partners related to the PSP2 program. Mesa's Adjusted EBITDA1 for Q2 2021 was $41.5 million, compared to $35.3 million in Q2 2020, and Adjusted EBITDAR1 for Q2 2021 was $51.5 million, compared to $47.6 million in Q2 2020. 1 See Reconciliation of non-GAAP financial measures Jonathan Ornstein, Chairman and CEO, said, “The last year has emphasized the importance of innovation in the face of significant challenges. Given change is the one constant of our industry, we have focused on positioning the company for the future and taken the regional industry’s initial steps toward sustainability and de-carbonization of air travel. Our first strategic initiative this fiscal year was an investment with United Airlines in Archer Aviation, a leader in the development of electric air-mobility vehicles. Since our founding, Mesa has been an innovator and we continue to evaluate other opportunities in green technology. Additionally, we began to diversify our business model by starting a cargo operation and are flying two 737-400F with DHL. We have signed a letter of intent this quarter, partnering with Gramercy Partners for European flying and are planning to use existing CRJ-900 aircraft.” Brad Rich, Mesa’s Chief Operating Officer, added, “During the past quarter, we continued to improve our operational performance and believe we are well-positioned with both American and United to assist in the pandemic recovery. Our operational performance improved, especially on our American flying, where block hours increased 6.8% from last quarter despite flying fewer aircraft.” March quarter financial results: Total operating revenue decreased by $82.6 million, or 45.9%, to $97.3 million for our three months ended March 31, 2021 as compared to our three months ended March 31, 2020. Contract Revenue decreased by $84.1 million, or 50.7%, to $81.7 million due to the impact of COVID-19, fewer aircraft at American, lower temporary contract rates, and the winter storm and subsequent power outages in Texas. Our pass-through and other revenue increased during our three months ended March 31, 2021 by $1.5 million, or 10.6%, to $15.6 million primarily due to pass-through maintenance revenue related to our E-175 fleet. Total operating expense decreased by $85.5 million, or 51.5%, to $80.5 million for our three months ended March 31, 2021 as compared to the three months ended March 31, 2020. The reduction is primarily due to $56.0 million of PSP2 funds that are recorded as an offset to wages. Additionally, flight operations expense decreased in the three months ended March 31, 2021 due to reduced crew costs associated with less flying and training. Our maintenance expense decreased primarily due to fewer heavy engine maintenance events and lower component contracts, parts, and labor expense, offset by higher c-check expense and pass-through maintenance. In addition, general and administrative expense decreased primarily due to lower pass-through property taxes. Fleet: All of our operating revenue in the three months ended March 31, 2021 was derived from operations associated with our American and United Capacity Purchase Agreements and DHL Flight Services Agreement. For the three months ended March 31, 2021, 53% of the Company’s total revenue was derived from United, 45% from American, and 2% from DHL. Below is our current and future fleet plan by partner and fleet type: FY 2020 Q4Fiscal Year 2021FY 2022 Q1Fleet Plan Q4 (Sep '20)Q1 (Dec '20)Q2 (Mar ‘21) Q3 (Jun '21)Q4 (Sep '21)Q1 (Dec '21) ActualActualActualForecastForecastForecastE-175 – UA 607276808080CRJ-700 – UA 208----CRJ-900 AA 545445454542737-400F – DHL -22222Sub-total 134136123127127124Leased / Spares Support CRJ-700 Leased to Third Party -05101520CRJ-700 to be Leased to Third Party 12151050CRJ-900 to be Leased to Third Party ----02CRJ-900 Spares Support 101019191920737-400F Spares Support ----11CRJ-200 Spares Support 111111Total Fleet 145159163167168168 Liquidity and Capital Resources: Mesa ended the quarter at $147.9 million in unrestricted cash and equivalents. During the quarter, Mesa fully repaid the $48.0 million United prepayment. As of March 31, 2021, the Company had $725.4 million in total debt secured primarily with aircraft and engines. The Company was granted $56.0 million in financial assistance by the U.S. Treasury under the Payroll Support Program Extension (“PSP2”), of which $48.7 million was received during the quarter with the remaining $7.3 million received in April. The Company is not required to issue any warrants or to repay any of the amount received under the PSP2 program. The PSP2 payments are conditioned on the Company’s agreement to refrain from conducting involuntary employee layoffs or furloughs through March 31, 2021 as well as prohibitions on share repurchases and dividends through March 31, 2022 and certain limitations on executive compensation. The Company was also granted $52.2 million in financial assistance by the U.S. Treasury under the Payroll Support Program Extension (“PSP3”) as part of the American Recovery Plan Act of 2021. On April 23, 2021, the Company received $26.1 million of the PSP3 grant with the remaining $26.1 million anticipated to be paid in May 2021. The Company is not required to issue any warrants or to repay any of the amount received under the PSP3 program. The PSP3 payments are conditioned on the Company’s agreement to refrain from conducting involuntary employee layoffs or furloughs through September 30, 2021, prohibitions on share repurchases and dividends through September 30th, 2022, and certain limitations on executive compensation. Other Items During the Quarter, the Company recorded $16.4 million as an Other Asset related to the vesting of 40% of our warrants held in Archer Aviation. Forward Guidance: ($ amounts in millions)Fiscal Year 2020Fiscal Year 2021Fiscal Year 2022 Q4 (Sep '20)Q1 (Dec '20)Q2 (Mar '21)Q3 (Jun '21)Q4 (Sep '21)Q1 (Dec '21) ActualActualActualForecastForecastForecastBlock Hours 57,622 69,247 73,942 82,000 88,000 89,000 Pass Through Maintenance$9.3$19.7$11.4$15.0$13.0 $5.0 Non-Pass Through Engine and C Check$8.1$8.3$13.2$14.0$14.0 $12.5 Deferred Revenue$7.8$5.2$4.9$1.0($1.0)($1.0) Mesa Air Group will host a conference call with analysts on Monday, May 10 at 4:30 pm ET/1:30 pm PT. The conference call number is 888-469-2054 (Passcode: Phoenix (7463649). The conference call can also be accessed live via the web by visiting https://edge.media-server.com/mmc/p/z3u9wkm3. A recorded version will be available on Mesa's website approximately two hours after the call for approximately 14 days. 1Reconciliation of non-GAAP financial measures Although these financial statements are prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"), certain non-GAAP financial measures may provide investors with useful information regarding the underlying business trends and performance of Mesa's ongoing operations and may be useful for period-over-period comparisons of such operations. The tables below reflect supplemental financial data and reconciliations to GAAP financial statements for the three months and six months ended March 31, 2021 and the three months and six months ended March 31, 2020. Readers should consider these non-GAAP measures in addition to, not a substitute for, financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures exclude some, but not all items that may affect the Company's net income. Additionally, these calculations may not be comparable with similarly titled measures of other companies. 1Reconciliation of GAAP versus Non-GAAP Disclosures(In thousands, except for per diluted share) (Unaudited) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Income Before TaxesIncome Tax (Expense)/ BenefitNet Income Net Income per Diluted Share Income Before TaxesIncome Tax (Expense)/ BenefitNet Income Net Income per Diluted Share GAAP Income$7,579 $(1,890)$5,689$0.14 $3,192 $(1,307)1,885$0.05Adjustments (1) 4,508 (1,124) 3,384$0.09 - - - -Adjusted Income 12,087 (3,014) 9,073$0.23 $3,192 $(1,307)1,885$0.05 Interest Expense 8,755 11,673 Interest Income (79) (36) Depreciation and Amortization 20,705 20,469 Adjusted EBITDA 41,468 35,298 Aircraft Rent 9,992 12,285 Adjusted EBITDAR 51,460 47,583 Six Months Ended March 31, 2021 Six Months Ended March 31, 2020 Income Before TaxesIncome Tax (Expense)/ BenefitNet Income Net Income per Diluted Share Income Before TaxesIncome Tax (Expense)/ BenefitNet Income Net Income per Diluted Share GAAP Income$26,518 (6,711)$19,807$0.52 17,512 (4,842)12,670$0.36Adjustments (1)(2) 3,558 (900) 2,658$0.07 - - - -Adjusted Income 30,076 (7,611) 22,465$0.59 17,512 (4,842)12,670$0.36 Interest Expense 17,837 24,300 Interest Income (205) (94) Depreciation and Amortization 41,175 41,021 Adjusted EBITDA 88,883 82,739 Aircraft Rent 20,040 23,614 Adjusted EBITDAR 108,923 106,353 (1) Includes lease termination expense of $4.5 million for the three and six months ended March 31, 2021 related to purchase of CRJ-900 aircraft, which were previously leased from Bombardier Capital. (2) Includes adjustment for gain on extinguishment of debt of $1.0 million related to repayment of the Company’s Aircraft debts during our six months ended March 31, 2021. About Mesa Air Group, Inc. Headquartered in Phoenix, Arizona, Mesa Air Group, Inc. is the holding company of Mesa Airlines, a regional air carrier providing scheduled passenger service to 95 cities in 35 states, the District of Columbia, and Mexico as well as cargo services out of Cincinnati/Northern Kentucky International Airport. As of April 30th, 2021, Mesa operated a fleet of 163 aircraft with approximately 450 daily departures and 3,100 employees. Mesa operates all of its flights as either American Eagle, United Express, or DHL Express flights pursuant to the terms of the capacity purchase agreements entered into with American Airlines, Inc. (“American”) and United Airlines, Inc. (“United”) and flight services agreement with DHL (“DHL”). Forward-Looking Statements Certain statements contained in this press release that are not historical facts contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to the “safe harbor” created by those sections. Forward-looking statements can be identified by the use of words such as “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximate” or “plan,” or the negative of these words and phrases or similar words or phrases. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. For more information on risk factors for Mesa Air Group, Inc.’s business, please refer to the periodic reports the Company files with the Securities and Exchange Commission from time to time. Many of the risks identified in the periodic reports have been and will continue to be heightened as a result of the ongoing and numerous adverse effects arising from the COVID-19 pandemic. These forward-looking statements herein speak only as of the date of this press release and should not be relied upon as predictions of future events. Mesa Air Group, Inc. expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein, to reflect any change in Mesa Air Group, Inc.’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law. MESA AIR GROUP, INC.Condensed Consolidated Statements of Operations(In thousands, except per share amounts) (Unaudited) Three Months EndedMarch 31, Six Months EndedMarch 31, 2021 2020 2021 2020 Operating revenues: Contract revenue $81,712 $165,781 $208,870 $337,580 Pass-through and other 15,568 14,115 38,781 26,351 Total operating revenues 97,280 179,896 247,651 363,931 Operating expenses: Flight operations 37,403 52,891 74,367 105,535 Fuel 198 188 588 358 Maintenance 51,773 64,335 104,637 122,430 Aircraft rent 9,992 12,285 20,040 23,614 Aircraft and traffic servicing 743 1,336 1,644 2,400 General and administrative 11,164 14,500 24,237 27,496 Depreciation and amortization 20,705 20,469 41,175 41,021 Lease termination 4,508 — 4,508 — Government grant recognition (55,967) — (67,278) — Total operating expenses 80,519 166,004 203,918 322,854 Operating income 16,761 13,892 43,733 41,077 Other (expenses) income, net: Interest expense (8,755) (11,673) (17,837) (24,300)Interest income 79 36 205 94 Other (expense) income, net (506) 937 417 641 Total other (expense), net (9,182) (10,700) (17,215) (23,565) Income before taxes 7,579 3,192 26,518 17,512 Income tax expense 1,890 1,307 6,711 4,842 Net income $5,689 $1,885 $19,807 $12,670 Net income per share attributable to common shareholders Basic $0.16 $0.05 $0.56 $0.36 Diluted $0.14 $0.05 $0.52 $0.36 Weighted-average common shares outstanding Basic 35,628 35,141 35,579 35,082 Diluted 39,432 35,265 38,382 35,220 MESA AIR GROUP, INC. Condensed Consolidated Balance Sheets(In thousands, except shares) (Unaudited) March 31, 2021 September 30,2020ASSETS CURRENT ASSETS: Cash and cash equivalents $147,867 $99,395Restricted cash 3,351 3,446Receivables, net 13,867 13,712Expendable parts and supplies, net 23,044 22,971Prepaid expenses and other current assets 8,956 16,067Total current assets 197,085 155,591 Property and equipment, net 1,180,684 1,212,415Intangibles, net 7,412 8,032Lease and equipment deposits 8,242 1,899Operating Lease right-of-use assets 105,521 123,251Other Assets 20,647 742TOTAL ASSETS $1,519,591 $1,501,930 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Current portion of long-term debt and financing leases $103,980 $189,268Current portion of deferred revenue 4,356 9,389Current maturities of operating leases 44,016 43,932Accounts payable 70,012 53,229Accrued compensation 10,449 12,030Other accrued expenses 28,610 45,478Total current liabilities 261,423 353,326 NONCURRENT LIABILITIES: Long-term debt and financing leases - excluding current portion 600,058 542,456Noncurrent operating lease liabilities 38,405 62,531Deferred credits 7,442 5,705Deferred income taxes 70,929 64,275Deferred revenue, net of current portion 29,502 14,369Other noncurrent liabilities 20,988 1,409Total noncurrent liabilities 767,324 690,745Total liabilities 1,028,747 1,044,071 STOCKHOLDERS' EQUITY: Preferred stock of no par value, 5,000,000 shares authorized; no shares issued and outstanding — —Common stock of no par value and additional paid-in capital, 125,000,000shares authorized; 35,700,161 (2021) and 35,526,918 (2020) shares issued and outstanding, and 4,899,497 (2021) and 0 (2020) warrants issued and outstanding 255,950 242,772Retained earnings 234,894 215,087Total stockholders' equity 490,844 457,859TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,519,591 $1,501,930 MESA AIR GROUP, INC. Operating Highlights (unaudited) Three months ended March 31 2021 2020 ChangeAvailable Seat Miles (thousands) 1,771,498 2,611,940 -32.2%Block Hours 73,942 108,305 -31.7%Average Stage Length (miles) 690 619 11.5%Departures 35,344 55,435 -36.2%Passengers 1,148,498 1,785,153 -35.7%Controllable Completion Factor* American 99.83% 99.91% -0.1%United 99.99% 99.97% 0.0%Total Completion Factor** American 95.01% 94.03% 1.0%United 94.22% 93.19% 1.1% *Controllable Completion Factor excludes cancellations due to weather and air traffic control**Total Completion Factor includes all cancellations Source: Mesa Air Group, Inc. Mesa Air Group, Inc.Investor RelationsSusan M. Donofrio Investor.Relations@mesa-air.com