SkyWest, Inc. (NASDAQ:SKYW) Q1 2024 Results Conference Call April 25, 2024 4:30 PM ET

Company Participants

Rob Simmons - Chief Financial Officer
Eric Woodward - Chief Accounting Officer
Chip Childs - President & Chief Executive Officer
Wade Steel - Chief Commercial Officer

Conference Call Participants

Savi Syth - Raymond James
Helane Becker - TD Cowen
Mike Linenberg - Deutsche Bank
Duane Pfennigwerth - Evercore ISI

Operator

Good afternoon. My name is Brianna, and I will be your conference operator today. At this time, I would like to welcome everyone to the SkyWest Inc. First Quarter 2024 Results Call. [Operator Instructions]

I would now like to turn the conference over to Rob Simmons, Chief Financial Officer. Please go ahead.

Rob Simmons

Thanks, Brianna, and thanks everyone for joining us on the call today. As she indicated, this is Rob Simmons, SkyWest 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, we'll 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 our subject to risks and uncertainties. We assume no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

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 2023 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.

Today, SkyWest reported net income of $60 million or $1.45 per diluted share for the first quarter of 2024. Our block hour production increase of 5% for the quarter compared to the same quarter last year is a reflection on what our team can achieve with the recent improvements in captain availability. We also received three of the 20 United Finance ERJ175 during the quarter.