ExpressJet Posts 4Q Profit

The parent of regional carrier ExpressJet Airlines on Tuesday reported a fourth-quarter profit, compared with a year-ago loss, as sales rose 5.1 percent.


Earnings reported by ExpressJet Holdings Inc. for the three-months ended Dec. 31 were of $30.2 million, compared with a loss of $35 million a year earlier.

The results included a one-time income tax benefit of $47.6 million. Revenue in the quarter rose to $168.8 million from $160.5 million a year earlier.

Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting a fourth-quarter loss of 38 cents a share on revenue of $162.2 million.

For the full-year, it reported a loss of $3.3 million, or 21 cents a share, compared to a loss of $95.1 million, or $8.44 a share, in 2008. Twelve-month revenue came to $688.3 million, compared to $1.32 billion in 2008.

ExpressJet ended 2009 with $107.8 million in cash, cash equivalents and short-term investments.

ExpressJet, based in Houston, flies regional aircraft under contract arrangements with Continental Airlines and United Airlines.