SkyWest, Inc. (SKYW) Reports In-Line Q1 Loss of 44c

SkyWest, Inc. (NASDAQ: SKYW) reported Q1 EPS of ($0.44), in-line with the analyst estimate of ($0.44). Revenue for the quarter came in at $772.39 million versus the consensus estimate of $752.93 million.

Due primarily to the severe weather and its related effects during the quarter ended March 31, 2014, SkyWest experienced a significantly larger pretax loss than it previously anticipated. Consistent with the experience reported by other airlines operating in the eastern United States, SkyWest experienced a significant number of flight cancellations related to a series of severe winter storms during the quarter ended March 31, 2014. Specifically, SkyWest, through its operating airlines, SkyWest Airlines, Inc. ("SkyWest Airlines") and ExpressJet Airlines, Inc. ("ExpressJet Airlines") cancelled a total of approximately 27,000 flights during the quarter ended March 31, 2014, of which approximately 21,000 were related to the severe weather. As a result of these flight cancellations, SkyWest not only experienced a negative effect on total operating revenues due to block hours not flown, but also experienced increased total operating costs due to its obligations to pay flight crews for cancelled flights, as well as incurring additional maintenance and other expenses from the negative effects of the severe weather.

For earnings history and earnings-related data on SkyWest, Inc. (SKYW) click here.

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