SkyWest (SKYW) shares ended the last trading session 6.4% higher at $79.41. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.9% loss over the past four weeks. SkyWest is the largest regional airline in The United States. The company is benefiting from upbeat in air-travel demand, favorable pricing and low operating expenses. Driven by these tailwinds, SKYW has performed well on a year-to-date basis gaining 52.1%. ...

For the current fiscal year, SkyWest is expected to post earnings of $6.81 per share on $3.36 billion in revenues. This represents a 784.42% change in EPS on a 14.58% change in revenues. For the next fiscal year, the company is expected to earn $7.98 per share on $3.7 billion in revenues. This represents a year-over-year change of 17.17% and 9.86%, respectively. Valuation Metrics SkyWest may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking ...

SkyWest, Inc.'s (SKYW) fleet-upgrade efforts are commendable. The company's efforts to reward its shareholders through buybacks are praiseworthy, too. Owing to the tailwinds, SKYW shares have performed impressively on the bourse. If you have not taken advantage of its share price appreciation yet, it's time to do so. Impressive Earnings Surprise History: SKYW has an impressive earnings surprise history. The company's earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, with ...

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks. Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are und ...

SkyWest (SKYW) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future. Shares of this regional airline have returned -1.1% over the past month versus the Zacks S&P 500 composite's +3.2% change. The Zacks Transportation - Airline industry, to which SkyWest belongs, has lost 3.2% over this period. Now the key question is: Where could the stock be headed in the near term? Wh ...

Nvidia surged again on Tuesday, as investors buy the AI chip powerhouse based on massive growth and mounting FOMO. The strong showing helped the Nasdaq touch fresh highs to start the week since the market was closed for Memorial Day. The bulls appear to be in firm control and many anticipate that the S&P 500 and the Nasdaq will keep marching slowly higher throughout the historically low-volume summer months. The current market backdrop likely means investors want to keep buying stocks this summer. Today we ...

Check price target & stock forecast for SkyWest here>>> Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell- side) analysts often affect a stock's price, do they really matter? Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about SkyWest (SKYW) . ...

[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for the first quarter of 2024 [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents SkyWest, Inc.'s unaudited condensed consolidated financial statements for Q1 2024, including balance sheets, income, equity, and cash flow statements, with detailed accounting notes [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) This section provides a summary of the company's financial position, detailing assets, liabilities, and stockholders' equity as of March 31, 2024, and December 31, 2023 Balance Sheet Summary (as of March 31, 2024) | Metric | March 31, 2024 (USD thousands) | December 31, 2023 (USD thousands) | | :--- | :--- | :--- | | **Total Assets** | **$6,982,743** | **$7,026,293** | | Total Current Assets | $1,069,361 | $1,131,896 | | Total Property and Equipment, net | $5,490,819 | $5,482,967 | | **Total Liabilities** | **$4,817,840** | **$4,912,791** | | Total Current Liabilities | $1,312,296 | $1,254,292 | | Long-Term Debt, net | $2,389,227 | $2,562,183 | | **Total Stockholders' Equity** | **$2,164,903** | **$2,113,502** | - Total assets slightly decreased to **$6.98 billion** from **$7.03 billion** at year-end 2023, primarily due to a decrease in marketable securities[8](index=8&type=chunk)[11](index=11&type=chunk) - Total stockholders' equity increased to **$2.16 billion** from **$2.11 billion**, driven by net income[8](index=8&type=chunk)[11](index=11&type=chunk) [Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) This section outlines the company's financial performance, presenting total operating revenues, operating income, net income, and diluted EPS for Q1 2024 and Q1 2023 Q1 2024 vs. Q1 2023 Income Statement Highlights | Metric | Q1 2024 (USD thousands) | Q1 2023 (USD thousands) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenues | $803,614 | $691,831 | +16.2% | | Operating Income (Loss) | $99,506 | $(4,704) | Significant Turnaround | | Net Income (Loss) | $60,298 | $(22,071) | Significant Turnaround | | Diluted EPS | $1.45 | $(0.45) | Significant Turnaround | - The company reported a significant turnaround, with net income of **$60.3 million** in Q1 2024 compared to a net loss of **$22.1 million** in Q1 2023, driven by a **16.2%** increase in operating revenues[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the cash inflows and outflows from operating, investing, and financing activities for Q1 2024 and Q1 2023, highlighting changes in liquidity Q1 2024 vs. Q1 2023 Cash Flow Summary | Cash Flow Activity | Q1 2024 (USD thousands) | Q1 2023 (USD thousands) | | :--- | :--- | :--- | | Net Cash from Operating Activities | $157,648 | $150,203 | | Net Cash from (used in) Investing Activities | $(554) | $3,032 | | Net Cash used in Financing Activities | $(125,392) | $(181,695) | - Cash from operations increased slightly to **$157.6 million**[17](index=17&type=chunk) - Cash used in financing activities decreased significantly, primarily due to lower treasury stock purchases (**$8.8 million** in Q1 2024 vs. **$100.0 million** in Q1 2023)[17](index=17&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, revenue recognition from flying agreements, segment reporting, stock-based compensation, debt structure, and future aircraft purchase commitments Flying Agreements Revenue Breakdown (Q1 2024 vs Q1 2023) | Revenue Type | Q1 2024 (USD thousands) | Q1 2023 (USD thousands) | | :--- | :--- | :--- | | Capacity purchase agreements | $677,205 | $586,496 | | Prorate agreements and SWC revenue | $101,084 | $77,337 | | **Total Flying Agreements Revenue** | **$778,289** | **$663,838** | - As of March 31, 2024, the company had **475 aircraft** in scheduled service under code-share agreements with United, Delta, American, and Alaska Airlines[32](index=32&type=chunk) - The company has firm purchase commitments for **21 E175 aircraft** with delivery dates through 2026 and agreements to place **38 additional E175 aircraft** into service with partners through 2026[38](index=38&type=chunk)[68](index=68&type=chunk) Segment Profit (Loss) Summary (Q1 2024 vs Q1 2023) | Segment | Q1 2024 Profit (USD thousands) | Q1 2023 Profit/(Loss) (USD thousands) | | :--- | :--- | :--- | | SkyWest Airlines and SWC | $1,970 | $(69,281) | | SkyWest Leasing | $67,707 | $30,957 | - During Q1 2024, the company repurchased **136,261 shares** of common stock for **$8.7 million**[52](index=52&type=chunk)[53](index=53&type=chunk) - As of March 31, 2024, **$82.2 million** remained available under the current repurchase authorization[52](index=52&type=chunk)[53](index=53&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%2E%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial results, noting a **16.2%** operating revenue increase to **$803.6 million** and a net income turnaround to **$60.3 million**, driven by block hour growth, prorate revenue, and deferred revenue changes [Overview and Fleet](index=33&type=section&id=Overview%20and%20Fleet) This section describes the company's regional airline business model, its reliance on code-share agreements, and the current composition and future plans for its aircraft fleet - The business model is based on providing regional airline service under code-share agreements, with capacity purchase agreements representing **87.0%** of flying agreement revenue in Q1 2024[101](index=101&type=chunk)[104](index=104&type=chunk) Fleet Composition (as of March 31, 2024) | Category | E175 | CRJ900 | CRJ700 | CRJ200 | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | In scheduled service/under contract | 240 | 41 | 105 | 89 | 475 | | SWC | - | - | - | 16 | 16 | | Leased to third parties | - | 5 | 35 | - | 40 | | Other | - | 3 | 27 | 40 | 70 | | **Total Fleet** | **240** | **49** | **167** | **145** | **601** | - The company plans to add **38 E175 aircraft** with partners through 2026, aiming to improve profitability by replacing older, higher-maintenance aircraft[102](index=102&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) This section analyzes the key drivers of financial performance, including changes in block hours, revenue streams from capacity purchase and prorate agreements, and significant shifts in operating expenses - Total block hours increased by **4.9%** YoY to **289,801** in Q1 2024, driven by an increase in available captains[114](index=114&type=chunk)[115](index=115&type=chunk) - Capacity purchase revenue increased by **$90.7 million** (**15.5%**) due to higher block hours and the recognition of **$0.9 million** in previously deferred revenue in Q1 2024, compared to deferring **$63.2 million** in Q1 2023[109](index=109&type=chunk)[120](index=120&type=chunk) - Prorate and SWC revenue increased by **$23.7 million** (**30.7%**) due to more passengers and the start of SWC operations in May 2023[109](index=109&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) - Total operating expenses increased by only **1.1%**, primarily due to higher salaries and maintenance costs, which were largely offset by a **$18.3 million** (**93.5%**) decrease in aircraft rental expense from early lease buyouts in 2023[110](index=110&type=chunk)[124](index=124&type=chunk)[129](index=129&type=chunk) [Business Segments Analysis](index=42&type=section&id=Business%20Segments%20Analysis) This section provides a detailed analysis of the financial performance of the SkyWest Airlines and SWC segment and the SkyWest Leasing segment, highlighting key drivers of their respective profits - The SkyWest Airlines and SWC segment reported a profit of **$2.0 million**, a significant turnaround from a **$69.3 million** loss in Q1 2023, driven by increased block hour production and favorable deferred revenue recognition[137](index=137&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk) - The SkyWest Leasing segment profit increased by **118.7%** to **$67.7 million**, benefiting from additional lease revenue, lower interest expense, and favorable deferred lease revenue recognition compared to the prior year[137](index=137&type=chunk)[144](index=144&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's financial flexibility, detailing cash and marketable securities, operating cash flow, financing activities, and long-term debt structure - As of March 31, 2024, the company had **$821.2 million** in cash and marketable securities and believes its working capital is sufficient for at least the next 12 months[145](index=145&type=chunk) - Net cash from operating activities was **$157.6 million** for Q1 2024[17](index=17&type=chunk)[146](index=146&type=chunk)[150](index=150&type=chunk) - Cash used in financing activities was **$125.4 million**, which included **$8.7 million** for stock repurchases and **$111.2 million** in principal payments on long-term debt[17](index=17&type=chunk)[146](index=146&type=chunk)[150](index=150&type=chunk) - Total long-term debt was **$2.9 billion** as of March 31, 2024, with an average effective interest rate of approximately **4.1%**[161](index=161&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks include aircraft fuel prices, interest rates, and labor/inflation, with fuel price exposure mainly on prorate and SWC operations, while fixed-rate debt mitigates interest rate risk - The company bears the economic risk of fuel price fluctuations on its prorate and SWC operations, which accounted for **13.0%** of total flying agreements revenue in Q1 2024[165](index=165&type=chunk) - A hypothetical **25%** increase in fuel price would have increased fuel expense by **$5.3 million** for the quarter[165](index=165&type=chunk) - As of March 31, 2024, all long-term debt had fixed interest rates, mitigating near-term interest rate risk on existing debt[166](index=166&type=chunk) - Labor and inflation are identified as significant risks[167](index=167&type=chunk)[168](index=168&type=chunk) - Salaries, wages, and benefits represented **49.9%** of total operating expenses in Q1 2024[167](index=167&type=chunk)[168](index=168&type=chunk) [Item 4. Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting identified during Q1 2024 - Management concluded that as of March 31, 2024, the company's disclosure controls and procedures were effective[170](index=170&type=chunk)[171](index=171&type=chunk) - There were no changes in internal control over financial reporting during Q1 2024 that materially affected, or are reasonably likely to materially affect, internal controls[172](index=172&type=chunk) [PART II OTHER INFORMATION](index=52&type=section&id=PART%20II%20OTHER%20INFORMATION) This section provides additional information including legal proceedings, risk factors, equity sales, other disclosures, and a list of exhibits [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to routine legal actions, but management believes these are not likely to have a material adverse effect on its financial position, liquidity, or operations - As of March 31, 2024, management believes that ongoing legal matters are not likely to have a material adverse effect on the company[173](index=173&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) This section refers readers to the company's 2023 Annual Report on Form 10-K and other SEC filings for a comprehensive discussion of material risk factors affecting the business - The company directs investors to its 2023 Form 10-K for a detailed discussion of risk factors[174](index=174&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's Q1 2024 stock repurchase activity, totaling **136,261 shares** at a weighted average price of **$64.21** per share under its authorized program Q1 2024 Stock Repurchase Summary | Period | Total Shares Purchased | Average Price Paid Per Share ($) | Remaining Authorization (USD thousands) | | :--- | :--- | :--- | :--- | | Jan 2024 | 18,707 | $51.23 | $89,964 | | Feb 2024 | 18,255 | $59.79 | $88,872 | | Mar 2024 | 99,299 | $67.47 | $82,172 | | **Total Q1 2024** | **136,261** | **$64.21** | **$82,172** | - As of March 31, 2024, **$82.2 million** remained available for repurchase under the May 2023 stock purchase program authorization of **$250.0 million**[175](index=175&type=chunk) [Item 5. Other Information](index=52&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q1 2024 - No director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2024[176](index=176&type=chunk) [Item 6. Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including compensation plans and officer certifications required by the Sarbanes-Oxley Act - Exhibits filed include compensation plan documents and certifications from the Chief Executive Officer and Chief Financial Officer[177](index=177&type=chunk)

SkyWest, Inc. (NASDAQ:SKYW) Q1 2024 Results Conference Call April 25, 2024 4:30 PM ET Company Participants Rob Simmons - Chief Financial Officer Eric Woodward - Chief Accounting Officer Chip Childs - President & Chief Executive Officer Wade Steel - Chief Commercial Officer Conference Call Participants Savi Syth - Raymond James Helane Becker - TD Cowen Mike Linenberg - Deutsche Bank Duane Pfennigwerth - Evercore ISI Operator Good afternoon. My name is Brianna, and I will be your conference operator today. At ...

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 2024 Profit First Quarter 2024 Summary ST. GEORGE, UTAH, April 25, 2024 -- SkyWest, Inc. (NASDAQ: SKYW) ("SkyWest") today reported financial and operating results for Q1 2024, including net income of $60 million, or $1.45 per diluted share, compared to net loss of $22 million, or $0.45 loss per share ...