Republic Airways Holdings Inc. on Wednesday reported higher profit and revenue in the fourth quarter.
Profit rose nearly 24 percent over the same period of 2012, to $15.6 million. Operating revenue rose 5.8 percent, to $327.4 million.
Indianapolis-based Republic said full-year profit fell from $51.3 million in 2012 to $26.7 million in 2013 after a loss from discontinued operations of $21.6 million. The loss from discontinued operations was attributable to sale of Denver-based subsidiary Frontier Airlines.
Full-year income from continuing operations increased 54.3 percent, to $48.3 million, or 92 cents per share, compared with $31.3 million, or 63 cents per share, for 2012.
"This was a transformational year for Republic," said Republic Airways Holdings CEO Bryan Bedford in a prepared statement. "The improved operating results are a reflection of our renewed focus on our core, fixed-fee operation and the expansion of flying under capacity purchase agreements with American, Delta and United."
Republic shares fell 24 cents Wednesday before earnings were announced, to close at $8.79 each.
Republic owns Chautauqua Airlines, Republic Airlines and Shuttle America.