Mesa Air Group, Inc. - MESA STOCK NEWS

Mesa Air Group, Inc. (NASDAQ: MESA) announced a letter of intent to lease a third Boeing 737-400F cargo aircraft, expected to be operational by May 2021. This expansion in the cargo fleet aims to enhance service for DHL and provide pilots with more career opportunities. Currently, Mesa operates two 737-400F aircraft for DHL, highlighting its commitment to growing its cargo operations. The company serves 114 cities across 39 states and other regions, operating approximately 393 daily departures as of January 31, 2021.

Mesa Air Group (NASDAQ: MESA) has appointed Torque Zubeck as the new Senior Vice President of Finance. With over 20 years of experience in the airline industry, Zubeck will oversee the company’s financials, reporting directly to President and CFO Michael Lotz. His previous roles included senior financial planning analyst at Alaska Airlines and leading the integration during its merger with Virgin America. Chairman Jonathan Ornstein expressed enthusiasm about Zubeck's operational and financial expertise, which is expected to be a significant asset for the company.

Mesa Air Group, Inc. (NASDAQ: MESA) reported a 33.8% decline in block hours for January 2021, totaling 25,359 hours compared to January 2020. This reduction is attributed to COVID-19 pandemic impacts and adjusted flight schedules. The controllable completion factor was 99.96% for American operations and 100% for United. Year-to-date figures also show a decline, with a 38.5% decrease in total block hours compared to the previous fiscal year.

Mesa Air Group, Inc. (NASDAQ: MESA) announced a strategic agreement with United Airlines and Archer Aviation to invest in sustainable air mobility technologies. Mesa will receive 20% of United's warrant for 14,645,614 shares of Archer's common stock, translating to a Mesa warrant for 2,929,123 shares at $0.01 each. Vesting of these shares is contingent on meeting specific milestones, including investment closure and FAA certification. Additionally, Mesa will purchase 500,000 shares of Atlas' Class A Common Stock for $5 million as part of a PIPE financing transaction.

Mesa Air Group, Inc. (MESA) reported its Q1 fiscal 2021 results, showcasing a net income of $14.1 million or $0.39 per diluted share, up from $10.8 million or $0.31 in Q1 2020. The company achieved a pre-tax income of $18.9 million alongside positive cash flow. Key developments included a 5-year extension with American Airlines for 40 aircraft and launching cargo operations with DHL. Despite a 26% reduction in contract revenue due to COVID-19, Mesa ended Q1 with $181 million in unrestricted cash.

Mesa Air Group, Inc. (NASDAQ: MESA) will announce its fiscal Q1 2021 earnings on February 9, after market close. A conference call will follow at 4:30 PM ET, accessible via phone (888-469-2054, passcode: PHOENIX) or through a listen-only webcast on the company’s website. Mesa Airlines operates a fleet of 161 aircraft, serving 116 cities in 42 states, along with cargo services. As of December 31, 2020, the company had approximately 3,200 employees and conducted about 420 daily departures as American Eagle, United Express, and DHL Express flights.

Mesa Air Group, Inc. (NASDAQ: MESA) reported a significant 33.9% decline in block hours for December 2020, totaling 25,933 hours compared to December 2019, largely due to reduced operations amid the COVID-19 pandemic. The controllable completion factor stood at 99.87% for American operations and 100% for United operations. Year-to-date fiscal 2021 figures also reflect a downturn, with total block hours dropping 40.1% compared to the previous year. Mesa Airlines operates under American Eagle, United Express, and DHL Express, utilizing a fleet of 161 aircraft.

Mesa Air Group, Inc. (NASDAQ: MESA) has announced an amendment to its Capacity Purchase Agreement with American Airlines, effective at the start of 2021. The new agreement will allow Mesa to operate an additional five aircraft by March 2021, subject to American Airlines retaining the right to withdraw these aircraft with 60 days' notice. Mesa's COO expressed optimism regarding the partnership, highlighting the company's readiness for future opportunities.