Q2 2024 SkyWest Inc Earnings Call Transcript
Key Points
- SkyWest Inc (SKYW) reported a net income of $76 million, or $1.82 per diluted share, for the second quarter of 2024.
- The company received 8 of the 20 United-financed E175s during the quarter, enhancing its fleet.
- SkyWest Inc (SKYW) achieved a 99.99% adjusted completion rate on nearly 15,000 more flights than the same period last year.
- Captain attrition continues to improve, with strong first officer availability through the pathway program, expecting over 5,000 pilots by year-end.
- The company repurchased 177,000 shares of SkyWest stock in Q2 for $13 million at an average price of $75.23 per share.
- SkyWest Inc (SKYW) anticipates maintenance expenses to increase in the coming year as they increase utilization and return aircraft to service.
- The company ended Q2 with debt of $2.8 billion, although down from $3 billion as of year-end 2023.
- There are challenges in the MRO network, with labor and parts challenges as flying increases.
- SkyWest Inc (SKYW) expects maintenance expenses to average $200 million a quarter during 2025.
- The company is still working through the captain shortage, which impacts fleet utilization and production.
Thank you for standing by. My name is JL and I will be your conference operator today. At this time, I would like to welcome everyone to the SkyWest Inc. second quarter 2024 results call. (Operator Instructions)
Again, I would now like to turn the conference over to Rob Simmons, Chief Financial Officer. You may begin.
Thanks, everyone, for joining us on the call today. As the operator indicated, this is Rob Simmons, SkyWest's Chief Financial Officer. On the call with me today are Chip Childs, President and Chief Executive Officer; Wade Steel, Chief Commercial Officer; and Eric Woodward, Chief Accounting Officer.
I'd like to start today by asking Eric to read the Safe Harbor, then I will turn the time over to Chip for some comments. Following chip, I will take us through the financial results, then Wade will discuss the fleet and related flying arrangements. Following Wade, we will have the customary Q&A session with our sell-side analysts. Eric?
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