{"id":9080,"date":"2020-12-09T22:19:44","date_gmt":"2020-12-10T04:19:44","guid":{"rendered":"http:\/\/planesintheair.com\/?p=9080"},"modified":"2020-12-09T22:39:52","modified_gmt":"2020-12-10T04:39:52","slug":"mesa-air-group-reports-fourth-quarter-full-year-2020-profit","status":"publish","type":"post","link":"https:\/\/planesintheair.com\/?p=9080","title":{"rendered":"Mesa Air Group Reports Fourth Quarter, Full-Year 2020 Profit"},"content":{"rendered":"\n

Mesa Air Group, Inc.\u00a0(NASDAQ:\u00a0MESA<\/a>) today reported fourth quarter and full-year fiscal 2020 financial and operating results.<\/p>\n\n\n\n

Mesa\u2019s Q4 2020 results reflect net income of $11.4 million, or $0.32 per diluted share, compared to net income of $12.2 million, or $0.35 per diluted share for Q4 2019. Mesa Q4 2020 results include, per GAAP, the deferral of $7.8 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. Mesa\u2019s Adjusted EBITDA1<\/sup> for Q4 2020 was $44.6 million, compared to $50.8 million in Q4 2019, and Adjusted EBITDAR1<\/sup> was $54.2 million for Q4 2020, compared to $61.9 million in Q4 2019. For Q4 2020 revenue was $108.0 million, a reduction of $79.8 million (42%) from $187.8 for Q4 2019 primarily due to the reduced flying as a result of COVID-19. During the quarter Mesa recognized $40.8 million as an offset to wages and salaries related to the previously announced Payroll Support Program Agreement (\u201cPSP\u201d), which required Mesa to retain all of its employees.<\/p>\n\n\n\n

Operationally, the Company ran a 99.8% controllable completion factor, compared to 99.0% in Q4 2019, and a total completion factor of 98.2%, which primarily includes weather, close-in capacity reductions driven by reduced demand, and other uncontrollable cancellations, compared to 96.9% in Q4 2019.<\/p>\n\n\n\n

Full Year<\/strong><\/p>\n\n\n\n

Mesa reported net income of $27.5 million, or $0.78 per diluted share for the 2020 fiscal year, compared to net income of $47.6 million, or $1.36 per diluted share for the 2019 fiscal year. Excluding special items for both periods, adjusted net income1<\/sup> was $27.5 million or $0.78 per diluted share for the 2020 fiscal year, compared to $57.5 million or $1.64 per diluted share for the 2019 fiscal year. Mesa fiscal 2020 results include, per GAAP, the deferral of $23.8 million of revenue, all of which was billed and paid by American and United during the year and will be recognized over the remaining terms of the contracts. Mesa\u2019s Adjusted EBITDA1<\/sup> was $163.3 million in fiscal year 2020, compared to $208.7 million in fiscal year 2019 and Adjusted EBITDAR was $212.1 million in fiscal year 2020, compared to $260.9 million in fiscal year 2019. For fiscal year 2020, revenue was $545.1 million, a reduction of $178.3 million (25%) from $723.4 million for fiscal year 2019, primarily due to the reduced flying as a result of COVID-19. During the year, Mesa recognized $83.8 million as an offset to wages and salaries related to the previously announced Payroll Support Program Agreement (\u201cPSP\u201d), which required Mesa to retain all of its employees as of April 20, 2020.<\/p>\n\n\n\n

_______________
1<\/sup>\u00a0See Reconciliation of non-GAAP financial measures<\/p>\n\n\n\n

Fiscal 2020 Q4\u00a0Highlights<\/strong><\/p>\n\n\n\n

– EPS of\u00a0$0.32, Full Year $0.78<\/p>\n\n\n\n

– Year-end\u00a0cash\u00a0increased by\u00a0$34.5 million\u00a0to\u00a0$99.4 million<\/p>\n\n\n\n

Recent Updates<\/strong><\/p>\n\n\n\n

– Amended\u00a0capacity purchase agreement\u00a0with American to operate 40 CRJ-900s\u00a0for a five-year term<\/p>\n\n\n\n

– Commenced\u00a0cargo\u00a0operations for DHL\u00a0with two Boeing\u00a0737-400F\u00a0\u00a0<\/strong><\/p>\n\n\n\n

– Added 10 new E175 aircraft to our United fleet in November and December<\/p>\n\n\n\n

– Entered\u00a0into a\u00a0$195 million\u00a0loan\u00a0under\u00a0the\u00a0CARES Act\u00a0with the\u00a0U.S.\u00a0Treasury<\/p>\n\n\n\n

\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

Mesa Air Group, Inc. (NASDAQ: MESA) today reported fourth quarter and full-year fiscal 2020 financial and operating results. Mesa\u2019s Q4 2020 results reflect net income of <\/p>\n","protected":false},"author":1,"featured_media":9083,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10174,797,89,5637,4552,8222,10701,10700,5992,5670,2203,4957,10169,10176,1397,10173,10195,10171,868,10182,1103],"tags":[1649,1697,539,420,118,116,6741,160,13041,1327,2038,10634,10712,2075,6882,2514,10855,1329,4180,2985,13040,745,2353,2370,412,2899,10222,10938,11174,8089,1323,2169,13042,1326,8679,4083,8882,9080,4857,4413,2067,8251,1978,7097,3104,2818,1691,1658,444,11230,2477,4353],"class_list":["post-9080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-airline","category-airline-news","category-aviation-news","category-business-news","category-cargo-news","category-consumer-news","category-coronavirus","category-covid-19","category-economic-news","category-economy-news","category-finance-news","category-global-politics","category-news","category-stock-news-2","category-stock-news","category-stockairline","category-transport","category-transportation","category-transportation-news","category-travel","category-travel-news","tag-1649","tag-agreement","tag-air","tag-airline","tag-airlines","tag-american","tag-announced","tag-aviation","tag-billed","tag-capacity","tag-contracts","tag-covid-19","tag-deferral","tag-ebitda","tag-employees","tag-financial","tag-fiscal","tag-flying","tag-fourth","tag-full","tag-gaap","tag-group","tag-mesa","tag-nasdaq","tag-news","tag-operating","tag-paid","tag-pandemic","tag-payroll","tag-previously","tag-profit","tag-program","tag-psp","tag-quarter","tag-recognized","tag-reduced","tag-reductions","tag-remaining","tag-reports","tag-result","tag-results","tag-retain","tag-revenue","tag-salaries","tag-support","tag-terms","tag-transport","tag-transportation","tag-united","tag-wages","tag-weather","tag-year"],"_links":{"self":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/9080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9080"}],"version-history":[{"count":1,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/9080\/revisions"}],"predecessor-version":[{"id":9084,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/9080\/revisions\/9084"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/media\/9083"}],"wp:attachment":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}