In its latest quarterly earnings report, Phoenix-based Mesa Air Group reported a profit, surprising Wall Street analysts.
The regional airline, which operates flights under both American Airlines and United Airlines flags, reported net income of $3.4 million, or 10 cents per share on Monday for the third quarter of fiscal 2020. Analysts were expecting Mesa to report a loss of 26 cents per share. In the year-earlier period, Mesa Air reported a loss of 30 cents per share.
The company hit the unexpected profit figure even after revenue dropped sharply. Mesa Air reported revenue of $73.1 million for the three months ending June 30, down 59.4% from the same quarter a year ago.
“We had a pretty good quarter. We do, however, continue to see significant Covid-19 impact on utilization,” Mesa Air Chairman and CEO Jonathan Ornstein said during a call with investors on Aug. 10.