Republic Airways Holding Inc. beat analyst expectations for earnings in the second quarter despite a nearly 6-percent drop in revenue during the period.
The Indianapolis-based company on Thursday reported earnings of $24.6 million, or 46 cents per share, a 23-percent increase over the previous year. The quarterly earnings beat consensus analyst predictions by 4 cents per share.
Frontier attributed the increased profit to the "redeployment of idled 50-seat aircraft and the successful completion of our Chautauqua restructuring efforts."
Revenue dropped 5.8 percent, however, to $336.8 million in the quarter. Republic attributed the revenue decline to decreased seat capacity because Denver-based subsidiary Frontier Airlines is operating fewer aircraft than a year ago.
Frontier earnings dipped slightly in the quarter, to $13.7 million this year from $14.1 million a year ago.
Republic shares closed at $13.03 each Thursday, a 92-percent increase since the beginning of the year.