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 Third Quarter 2017 Profit

 

·                  Third quarter 2017 net income of $54 million, or $1.01 per diluted share

·                  Profitability improvement continued under on-going fleet transition

·                  Announcement during Q3 2017 for 45 new aircraft anticipated to provide growth into 2019

 

ST. GEORGE, Utah, October 25, 2017 — SkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for Q3 2017, including net income of $54 million, or $1.01 per diluted share, compared to net income of $41 million, or $0.79 per diluted share for Q3 2016. The Q3 2016 results included early lease return costs of $9 million, representing a reduction of $0.11 in diluted earnings (previously reported).  The Q3 2017 diluted earnings per share increased 28 percent from Q3 2016, or 12 percent after adjusting for the early lease charges included in the Q3 2016 results.  The improvement in net income over Q3 2016 was primarily due to SkyWest’s continued fleet transition, including the addition of 37 new E175s, and the removal of 50 ERJ145s/135s and 22 CRJ200s since Q3 2016.

 

Commenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said “Our results reflect strong production, solid operating performance and ongoing fleet transition improvements. Additionally, our teams did a great job of managing severe weather events during the quarter. None of this is possible without our outstanding professionals and the work they do each day to provide an excellent product to our customers.”

 

Q3 2017 Financial Highlights

 

Revenue was $832 million in Q3 2017, up from $800 million in Q3 2016. The increase in revenue included the net impact of adding 37 new E175 aircraft since Q3 2016, partially offset by the removal of 75 unprofitable or less profitable aircraft over the same period, including 50 ERJ145s/135s, 22 CRJ200s and three net CRJ700s/900s.

 

1


The following information was filed by Skywest Inc (SKYW) on Wednesday, October 25, 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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