Mesa Air Group has reported a fiscal second quarter 2024 net profit of $11.7 million or $0.28 per diluted share on a year-over-year increase in revenue of 8.0 percent to $131.6 million.
On Tuesday (June 18, 2024), Mesa Air Group reported their fiscal second quarter financial results for the period ending March 31, 2024. The carrier reported a second quarter net profit of $11.7 million or $0.28 per diluted share on a year-over-year increase in revenue of 8.0 percent to $131.6 million. At March 31, 2024, Mesa had unrestricted cash and cash equivalents totaling $18.5 million, and $400 million in total debt, down from $621.6 million at March 31, 2023.
In Tuesday’s announcement, Mesa Air Group’s Chairman and CEO, Jonathan Ornstein, said,
“Our second quarter results have begun to demonstrate an improvement in our business and reflect our efforts over the past year-and-a-half to restructure and strengthen our operations, P&L, and balance sheet. Given meaningfully improved block-hour rates on our E-175 flying, coupled with our initiatives to eliminate surplus CRJ assets, we achieved our first GAAP and adjusted net profits in 11 quarters, as well as our best adjusted EBITDAR result over that period. Concurrently, Mesa has reduced its total debt by $221.5 million, or 36%, over the past year.
“While we still have work to do as we transition out of our CRJ-900 fleet and build our E-175 flying, we expect to remain cash-flow neutral for the remainder of the fiscal year. With an optimized asset base, our ongoing transition toward higher-margin E-175 flying, and the continued reduction in pilot attrition and strength in our pilot pipeline, we look forward to returning to consistent profitability in the future.”
During Q2 FY 2024, approximately 98 percent of Mesa’s revenue was derived from their contract with United Airlines. The company’s CPA with United provides 80 large jets (70/76 seats), including a mix of Embraer E-175s and CRJ-900s. During the fiscal second quarter of 2024, Mesa’s fleet included 56 E-175s and 24 CRJ-900s.
Phoenix Arizona-based Mesa Air Group, Inc. (NASDAQ: MESA) is the holding company of Mesa Airlines which offers scheduled service to 79 U.S. cities in 36 states, Washington D.C., Canada and Mexico. The carrier operates around 263 daily departures with a fleet of 80 aircraft and operates out of domiciles at Phoenix (PHX), Dallas (DFW), Houston (IAH), Washington-Dulles (IAD), and Louisville (SDF). Mesa Air operates all flights as United Express, pursuant to a capacity purchase agreement.
Source: Mesa Air Group