MESA - Why Mesa Air Group Stock Is Taking Off Today
Shares of Mesa Air Group (NASDAQ: MESA) climbed 15% on Wednesday morning following the company's quarterly earnings report. Results far exceeded estimates, and that has Wall Street's attention.
After markets closed Tuesday, Mesa reported fiscal first-quarter earnings of $0.39 per share on revenue of $150.37 million, easily topping analyst expectations for $0.03 per share in earnings on $130 million in sales.
Airline stocks have been hit hard by the pandemic, which has caused travel demand to evaporate. But Mesa isn't a typical airline. The company primarily operates small planes under contracts with larger partners. It has a fleet of 159 aircraft providing flights to 116 cities under deals with American Airlines Group , United Airlines Holdings , and Deutsche Post DHL.
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Why Mesa Air Group Stock Is Taking Off Today