Exhibit 99.1

 

 

NEWS RELEASE

 

CONTACT:

Investor Relations

Corporate Communications

 

435.634.3200

435.634.3553

 

Investor.relations@skywest.com

corporate.communications@skywest.com

 

SkyWest, Inc. Announces First Quarter 2017 Profit

 

·                  First quarter 2017 net income of $35 million, or $0.65 per diluted share

 

·                  Increased pre-tax income by 18% from first quarter of 2016

 

·                  Year-over-year quarterly earnings growth continued from fleet transition improvements

 

ST. GEORGE, Utah, April 27, 2017 — SkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for the first quarter of 2017, including net income of $35 million, or $0.65 per diluted share, compared to net income of $27 million, or $0.52 per diluted share for Q1 2016. The improvement in pre-tax income over Q1 2016 was primarily due to SkyWest’s continued fleet transition, including the addition of 45 new E175s, and the removal of 45 ERJ145s and 16 CRJ200s since Q1 2016.  Additionally, since Q1 2016 SkyWest has transitioned 38 CRJ700s it previously operated under agreements with other major airline partners to American Airlines, Inc. (“American”) under a multi-year agreement, further reducing fleet risk.

 

Commenting on the results, Chip Childs, SkyWest, Inc. Chief Executive Officer said, “Despite the weather challenges we faced at the beginning of the quarter, our dedicated teams worked hard to minimize passenger disruption. The solid operating performance, combined with continued execution on our fleet transition, delivered a stronger than expected March which is reflected in our improved profitability this quarter.  Our first quarter results reflect the outstanding work our professionals do each day to provide an excellent product to our customers.”

 

Q1 2017 Financial Highlights

 

Revenue was $765 million in Q1 2017, up from $762 million in Q1 2016. The increase in revenue included the net impact of adding 45 new E175 aircraft since Q1 2016 (of which seven were delivered in Q1 2017), partially offset by the removal of unprofitable or less profitable aircraft over the same period, including 45 ERJ145s, 16 CRJ200s and eight CRJ700s.

 

1


The following information was filed by Skywest Inc (SKYW) on Thursday, April 27, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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