SkyWest sees profits drop 35% during third quarter

St. George-based airline SkyWest Inc. on Wednesday reported a 35 percent decrease in profits during the third quarter of 2008 compared with the same period last year.

SkyWest said net income for the third quarter this year was $26.2 million, compared with net income of $42.9 million for the same period in 2007. The company attributed the decline to increased fuel costs and higher operating expenses.

The carrier reported operating revenues of $934.1 million for third quarter this year, compared with $875.6 million for the third quarter of 2007.

SkyWest shares fell $1.29 Wednesday to finish at $14.42. The 52-week range for the stock was $10.84 to $29.50.