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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowRepublic 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.
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