SkyWest, Inc. (NASDAQ:SKYW) Q1 2022 Earnings Conference Call April 28, 2022 4:30 PM ET
Company Participants
Rob Simmons - CFO
Chip Childs - President and CEO
Wade Steel - CCO
Eric Woodward - CAO
Conference Call Participants
Savi Syth - Raymond James
Catie O'Brien - Goldman Sachs
Operator
Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the SkyWest Incorporated First Quarter 2022 Earnings Conference Call. [Operator Instructions] Thank you.
It's now my pleasure to turn the call over to Mr. Robert Simmons, Chief Financial Officer. Sir, please go ahead.
Rob Simmons
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?
Eric Woodward
Today's discussion contains forward-looking statements that represent our current beliefs, expectations and assumptions regarding future events and are subject to risks and uncertainties. We assume no obligation to update any forward-looking statement. Actual results will likely vary and may vary materially from those anticipated, estimated or projected for a number of reasons. Some of the factors that may cause such differences are included in our 2021 Form 10-K and other reports and filings with the Securities and Exchange Commission.
And now I'll turn the call over to Chip.
Chip Childs
Thank you, Rob and Eric. Good afternoon, everyone. Thank you for joining us on the call today.
Demand for SkyWest product during the first quarter remained exceptionally high with our main constraint being the crew imbalance we discussed last quarter. Following our efforts to stabilize after the -- stabilize after the industry-wide challenges of Omicron at the beginning of the year, the first quarter results were slightly better than we anticipated.
We reported pre-tax income of $25 million and net income of $18 million. The improvement was in part due to stronger March production and maintenance costs better than anticipated. We expect to place 46 new E175s into service within the next 12 months, putting us at 240 E175s in service by early next year. Our refleeting that has been in progress for the last several years continues to be a priority, as we execute on our long-term strategy.