SkyWest Updates Q2 View, Now Sees Net Loss Of $12 Mln - $14 Mln - Quick Facts

(RTTNews) - SkyWest, Inc. (SKYW), a holding company for two scheduled passenger airline operations and an aircraft leasing company, late Friday said it now expects second-quarter financial results to be lower than it previously anticipated.

The company now expects net loss between $12 million and $14 million for the quarter, resulting in an estimated loss per share of $0.23 to $0.28.

On average, six analysts polled by Thomson Reuters expect the company to report earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

The company attributed the downward revision in forecast to three primary factors, including 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.

SkyWest also recorded valuation allowances of certain tax receivables and write-downs of ground handling equipment and other assets. In addition, the company 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.

SkyWest cautioned however, that these estimates are preliminary.