How did SKYH's Q1 2024 EPS outperform expectations?

Sky Harbour Group Corp (SKYH) reported an EPS of $0.05 for Q1 2024, which is slightly higher than the expected EPS. This positive surprise indicates that the company's performance for the quarter exceeded market expectations. Here are some key details about SKYH's performance:

|code|Ticker|Name|Date|Estimate EPS|EPS Surprise|market_code|
|---|---|---|---|---|---|---|
|SKYH|SKYH.N|Sky Harbour|2024 Q1|-0.08|-0.7|169|
|SKYH|SKYH.N|Sky Harbour|2024 Q2|-0.06|0|169|
|SKYH|SKYH.N|Sky Harbour|2024 Q3|-0.08|-0.66|169|
|SKYH|SKYH.N|Sky Harbour|2024 Q4|-0.12|0.05|169|

1. **Leasing Performance**: Sky Harbour reported near-full occupancy at its Houston, Nashville, and Miami campuses, and approximately 58% pre-leasing at its new San Jose campus. This leasing performance suggests a strong demand for its hangar spaces, which contributes positively to its revenue and profitability.
2. **Revenue Outlook**: The company's financial estimates for 2024 have improved slightly from a projected -$0.50 per share to -$0.47 per share. This improvement in earnings estimates, despite a decrease in revenue estimates from $16.8 million to $14.03 million, indicates a better operational efficiency or cost management.
3. **Market Conditions**: The aviation industry, including business aviation, is recovering from the pandemic. As business travel increases, the demand for hangar spaces and aviation services likely rises, benefiting Sky Harbour's revenue growth.

In conclusion, Sky Harbour's Q1 2024 EPS outperformed expectations due to strong leasing performance, improved operational efficiency, and favorable market conditions.