SkyWest's operations chief sold 17,726 shares on July 30, joining two other executives in a selling cluster. The insider activity follows a strong Q2 earnings report.
Greg Wooley, SkyWest's executive vice president of operations, sold 17,726 shares on July 30 at a weighted average price of $108.55, according to an SEC filing. The sale cut his direct holdings by 25%, leaving 53,323 shares.
Wooley's transaction followed similar open-market sales by two other SkyWest officers earlier in the same week. None of the sales involved option exercises or tax-related disposals. Three insiders selling in consecutive days is a higher density than typical for the regional carrier.
The selling came just after SkyWest reported second-quarter results. Revenue rose 7% to $1.1 billion on a 5% increase in block hours. Net income fell year over year as fuel costs climbed. The company completed nearly 228,000 flights with a 99.9% adjusted completion rate. Chief Executive Chip Childs described demand as "very strong" in both contract and prorate flying.
SkyWest shares traded near the sale price on July 30, with the stock down about 7% over the prior 12 months. Wooley retained a majority of his direct holdings, a sign the sales were not a wholesale exit.
Insider selling clusters often draw attention, especially when they follow earnings. The density of this week's activity is unusual. Each individual sale was modest relative to each executive's total position.
The next quarterly report is due in late October. The operational metrics and demand commentary from management will offer the next read on the company's trajectory.
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