Republic Airways (RJET) Misses Q1 EPS by 2c
Republic Airways (NASDAQ: RJET) reported Q1 EPS of $0.13, $0.02 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $341 million versus the consensus estimate of $343.6 million.
The Company reported the following key metrics for the three months ended March 31, 2015, and 2014:
Three Months ended March 31, | |||||||||||
(Unaudited) | 2015 | 2014 | % Increase / Decrease | ||||||||
(in millions, except as noted with *) | |||||||||||
Available seat miles (ASMs) | 3,490 | 3,366 | 3.7 | % | |||||||
Block hours (hours) | 177,568 | 185,613 | (4.3 | )% | |||||||
Departures* | 96,627 | 103,349 | (6.5 | )% | |||||||
Operating revenues | $ | 341.0 | $ | 337.5 | 1.0 | % | |||||
Pre-tax income | $ | 11.2 | $ | 22.8 | (50.9 | )% | |||||
Pre-tax Margin* | 3.3 | % | 6.8 | % | -3.5 pts | ||||||
Diluted earnings per share* | $ | 0.13 | $ | 0.26 | (50.0 | )% | |||||
EBITDA | $ | 87.2 | $ | 93.9 | (7.1 | )% | |||||
EBITDA margin* | 25.6 | % | 27.8 | % | -2.2 pts | ||||||
Operating Expense Highlights
Wages and benefits expenses increased 5.5%, or $4.9 million, which was primarily due to an increase in E-Jet operations and an increase in the cost of benefits we provide to our employees.
Maintenance and repair expenses increased 4.5%, or $2.9 million, primarily due to the increase in engine LLP events on our E-Jet aircraft.
Depreciation and amortization expense increased 11.4%, or $4.7 million, due primarily to the increase in the number of owned E-Jet aircraft.
For earnings history and earnings-related data on Republic Airways (RJET) click here.