From GlobeNewswire: 2024-06-18 07:05:00

Mesa Air Group, Inc. reported second quarter fiscal 2024 financial results, including total operating revenues of $131.6 million, pre-tax income of $11.7 million, and adjusted net income of $6.3 million. The company has seen improvements in its operations and balance sheet, with reduced debt by $221.5 million over the past year.

In the second quarter of fiscal 2024, Mesa Air Group saw an increase in total operating revenues to $131.6 million, driven by higher E-175 block-hour rates with United Airlines. Operating expenses decreased by 19.3% compared to the same quarter in 2023. The company recorded a net income of $11.7 million for the quarter.

Operationally, the company reported a controllable completion factor of 99.85% for United during the second quarter of 2024. Approximately 98% of Mesa’s total revenue was derived from its contract with United, with a fleet mix of 56 E-175s and 24 CRJ-900s. Mesa ended the quarter with $18.5 million in unrestricted cash.

Mesa Air Group, Inc. is a regional air carrier that operates as United Express to 79 cities in 36 states, the District of Columbia, as well as in Canada, Cuba, and Mexico. As of March 31, 2024, Mesa operated a fleet of 80 aircraft with approximately 263 daily departures. The company remains optimistic about its future profitability and aims to optimize its asset base for higher-margin flying.



Read more at GlobeNewswire:: Mesa Air Group Reports Second Quarter Fiscal 2024 Results