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Why Mesa Air Group Stock Is Soaring Today

Mesa Air Group, Inc. (NASDAQ:MESA) shares are rocketing today after the company reported first-quarter FY24 results.  Operating revenues fell 19.3% Y/Y to $118.8 million, missing the consensus of $126.0 million. Contract revenue decreased 21.3% Y/Y owing to a reduction in CRJ-900 block hours and fewer aircraft under contract. Adjusted EBITDAR of $6.3 million came below $25.9 million in the prior year quarter. Adjusted EPS loss of $(0.53), missed the consensus of $(0.32). Block hours stood at 46,658, an approximate ...