SkyWest Inc. is telling investors that earnings will be near zero when the airline reports second-quarter results in August ­— and is saying the third and fourth quarters will be difficult, too.

Because of a mix of good and bad circumstances, the St. George-based parent company of SkyWest Airlines, Atlantic Southeast Airlines (ASA) and ExpressJet, will only break even this quarter, Chief Financial Officer Mike Kraupp said Monday.

The good news is that SkyWest has taken possession of 17 CRJ700 regional jets from Horizon Air, which is switching to slower but more fuel-efficient turboprop aircraft.

The acquisitions weren't anticipated when SkyWest put together its 2011 business plan last year. Kraupp said SkyWest has had to hire more than 150 pilots to fly the 70-seat regional jets.

"It's a good thing, but unfortunately it costs you a little bit of money in training," he said.

SkyWest will operate five of the jets on West Coast routes for Alaska Airlines, Horizon's sister airline. SkyWest will fly the remainder for Delta Air Lines.

The bad news is that SkyWest subsidiaries are flying more hours for their airline partners this summer, which means extra crew costs. SkyWest also has had to reposition crews at some airport hubs because of schedule changes by its partners.

And the regional airline is coping with a pilot shortage because bigger airlines have stepped up their hiring to replace pilots who have reached mandatory retirement age. The shortage has meant overtime pay for many SkyWest pilots.

The impact of the crew costs will be $14.5 million, on a pre-tax basis.

SkyWest also racked up $7 million in pre-tax expenses related to integrating ExpressJet with ASA. SkyWest bought ExpressJet last year. Kraupp said the costs are in line with expectations.

ASA and ExpressJet will be renamed "SureJet" after the carriers are fully merged later this year.

The company also expects to take a $3 million pre-tax charge related to higher fuel costs at its foreign investments, Air Mekong in Vietnam and TRIP Linhas Aereas in Brazil.

Kraupp offered only limited guidance on expectations for the third and fourth quarter.

"They are going to be challenging," he said.

Investors weren't pleased with the prospect of lower earnings. SkyWest shares closed Monday at $12.05, down $2.67, or 18.1 percent. SkyWest stock's 52-week range is $11.53-$17.28.

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