Sun Country Airlines has reported a first quarter 2024 net profit of $35.3 million or $0.64 per diluted share on a year-over-year increase in revenue of 5.9 percent to $311.5 million. At March 31, 2024, the company had total liquidity of $179 million.
On Tuesday (May 7, 2024), Sun Country Airlines reported their first quarter financial results for the period ending March 31, 2024. The carrier reported a first quarter net profit of $35.3 million or $0.64 per diluted share on a 5.9 percent year-over year increase in revenue to $311.5 million. Sun Country’s first quarter total revenue per available seat mile (TRASM) declined 9.6 percent compared to Q1 2023 to 12.58 cents, while cost per available seat mile (CASM) declined 5.4 percent to 11.59 cents. The company’s costs, excluding fuel and other items (CASM-ex) declines 0.1 percent versus the same period last year to 7.09 cents. At the end of the first quarter 2024, Sun Country Airlines had $179 in total liquidity, including cash, cash equivalents, investments and available revolving credit, and net debt totaling $565 million.
In Tuesday’s announcement, Sun Country Airlines’ CEO, Jude Bricker, said,
“Sun Country’s diversified business model produced another strong first quarter with margins that we expect to finish at the top of the industry. Total revenue was up 5.9% versus the first quarter of 2023, reaching a record quarterly high of $311 million(1) while costs remained in check. We continue to grow in all areas of our business, with total block hours growing by nearly 10% and scheduled passenger service ASMs growing by over 16%. Total passenger revenue per ASM (TRASM) declined by 9.6%, driven by both our growth as well as significant capacity additions by other airlines in some of our markets. Our strong results would not have been possible without our dedicated employees who delivered the number one completion factor in the industry during the quarter.”
Founded in 1983, Sun Country Airlines (NASDAQ: SNCY) has evolved into a new breed of hybrid low-cost carrier. The award-winning Minneapolis-St. Paul based airline has distinguished itself as a leader in leisure travel over their 40 years of service. Sun Country offers low fares and safe, reliable, nonstop service on 120 routes to 104 airports across the U.S., Mexico, Central America, Canada and the Caribbean. Additionally, the carrier offers services through their Sun Country Charters and Sun Country Vacations divisions and operates cargo CMI services for Amazon.
In trading Wednesday morning (May 8, 2024), shares in Sun Country Airlines Holdings, Inc. (NASDAQ: SNCY) were down 5.93 percent to $11.59/share (11:22 AM EDT).
Source: Sun Country Airlines/Globe Newswire