SkyWest, Inc. (SKYW Quick QuoteSKYW - Free Report) reported a 5.6% (9,100) year-over-year decline in block hours (a measure of aircraft utilization) to 153,309 in July 2018.

The regional carrier, which remains focused on streamlining its operations, stated that the fall in the metric was in sync with its fleet transition plans. The company aims to reduce the 50-seat jets in its fleet and add new E175 aircraft.

Notably, SkyWest’s dual class aircraft (E175, CRJ 900 and CRJ700) accounted for approximately 53.9% of the carrier’s total block-hour production for the month compared with approximately 52.3% a year ago. In terms of airlines, SkyWest Airlines and Express Jet Airlines represented a respective 79.5% and 20.5% of the carrier’s total block-hour production for July.

SkyWest, Inc. Price

 

SkyWest, Inc. Price | SkyWest, Inc. Quote

Additionally, this St. George, UT-based company reported a 4.9% decrease in block hours for the first seven months of the year. Load factor (percentage of seats filled with passengers) improved 230 basis points (bps) to 84.3% in July. While the number of departures in the month fell 8.5% on a year-over-year basis, passenger count declined 4.7%.

Zacks Rank & Other Key Picks

SkyWest sports a Zacks Rank #1 (Strong Buy). Other top-ranked stocks in the broader Transportation sector include Trinity Industries, Inc. (TRN Quick QuoteTRN - Free Report) , CSX Corporation (CSX Quick QuoteCSX - Free Report) and Norfolk Southern Corporation (NSC Quick QuoteNSC - Free Report) , each flaunting a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Trinity, CSX and Norfolk Southern have rallied more than 31%, 42% and 43%, respectively, in a year.

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