SAN FRANCISCO (MarketWatch) -- SkyWest Inc. on Thursday reported that fourth-quarter net earnings rose 82% and revenue more than doubled, due to the acquisition of Atlantic Southeast Airlines and the reimbursement of jet-fuel expenses.

The St. George, Utah-based company's fourth-quarter net income reached $38.7 million, or 64 cents a share, up from $21.2 million or 37 cents a share in the year-ago quarter.

Analysts had expected a profit of 63 cents a share, according to Thomson First Call.

Revenue totaled $742.4 million, up from $326.7 million in the year-ago quarter. The company, according to its contracts flying for other carriers, gets reimbursed for jet-fuel costs.

SkyWest operates flights for United Airlines' . United Express service and bankrupt Delta Air Lines'. Delta Connection service.

The company said that flying-operations expenses more than doubled to $409.3 million, up from $171.2 million a year-ago.

Capacity increased 125% during the quarter; the company's fleet of jets totaled 380 planes, up from 210 in the year-ago period.

SkyWest announced that it would buy Atlantic Southeast Airlines from Delta Air Lines last August for about $427 million. The deal closed in September.

On Thursday, SkyWest stock ended down by 3.2% to $28.43. So far this year, the company's shares are up 9.3%.

Calyon Securities reiterated its buy rating and $34 price target on Thursday.

"With the ASA acquisition, we believe [SkyWest] has expanded growth opportunities for 2006, mitigated its business risk with Delta, and decreased its business concentration in United flying," wrote Calyon analyst Ray Neidl. "We believe that on a long-term basis there is value in the shares, especially as [SkyWest] has negotiated new long-term, guaranteed contracts for both itself and ASA with Delta for 15-year terms."

The broader airline sector traded mostly higher during the Thursday session.