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News Breaks
July 27, 2014
13:18 EDTSKYWSkyWest sees Q2 EPS (28c)-(23c), consensus 22c
There are three primary factors that contributed to SkyWest's determination of the estimated results as outlined above. First, SkyWest made certain tax true-ups in its tax provision as a result of changes in its estimates of annual pretax income or loss from those previously estimated. Second, SkyWest recorded valuation allowances of certain tax receivables and write-downs of ground handling equipment and other assets. Third, SkyWest experienced reduced revenues from missed incentives under its flying contracts with its major partners as a result of lower on-time performance and completion of flights and SkyWest implemented new Federal Aviation Administration rules, as required, early in 2014 regarding initial crew qualifications and flight and duty rest rules which are resulting in increased crew costs. A more detailed explanation of the foregoing items, as well as other factors which affected SkyWest's operating performance and financial results for the quarter ended June 30 will be given when SkyWest announces its reviewed financial results, which is currently planned to occur on August 6.
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