Sun Country Airlines has reported a second quarter 2023 net profit of $20.6 million or $0.35 per share on a year-over-year increase in revenue of 19.2 percent to $261.1 million. At June 30, 2023, the carrier had total liquidity of $263 million.
On Wednesday (August 2, 2023), Sun Country Airlines announced their second quarter financial results for the period ending June 30, 2023. The carrier reported a second quarter net profit of $20.6 million or $0.35 per diluted share on a year-over-year increase in revenue of 19.2 percent to $261.1 million. Sun Country’s Q2 total system revenue per available seat mile (TRASM) increased versus the same period last year by 6.7 percent to 12.93 cents, while cost per available seat mile (CASM) declined 4.1 percent to 12.67 cents. At June 30, 2023, the carrier had liquidity of $263 million and total net debt of $490 million.
In Wednesday’s announcement, Sun Country Airlines’ Chief Executive Officer, Jude Bricker, said,
“Sun Country had an historically strong second quarter, in what is typically a seasonally weaker quarter for us. Total revenue was up by 19.2% versus the second quarter 2022 and we produced a GAAP operating margin of 13.6% and an adjusted operating margin of 15.3%. The revenue environment continued to be robust as total average fare increased 2.7% and load factor was up by 2 percentage points versus the second quarter of 2022. This helped to drive a GAAP diluted EPS of $0.35 and an Adjusted diluted EPS of $0.40 in the second quarter. In addition to our excellent performance, our board of directors has authorized an additional $30 million for repurchases of Sun Country shares.”
Also commenting on the carrier’s second quarter results, Sun Country Airlines’ President and Chief Financial Officer, Dave Davis, said,
“During the quarter, revenue growth continued across our scheduled service, charter and cargo businesses, and the second quarter was our eighth consecutive quarter where year-over-year total revenue growth has exceeded total block hour growth. Scheduled service TRASM increased 10.3% while scheduled service ASMs increased 5.6% versus second quarter 2022. This contributed to net income of $21 million and an adjusted EBITDA margin of 23.9% for the quarter, and net income of $59 million and an adjusted EBITDA margin of 25.3% year to date. Total flown block hours during the second quarter across all business lines grew by 11.3% year over year. Adjusted CASM was 10.4% higher than second quarter 2022, which reflects declining year-over-year CASM growth versus the first quarter. We expect year-over-year Adjusted CASM trends to continue to improve in the quarters ahead.”
During the second quarter, Sun Country added new nonstop service from Milwaukee to both Phoenix and Orlando, and increased service between Milwaukee and Cancun for the winter 2023/24 season.
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 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 also operates cargo CMI services for Amazon.
Source: Sun Country Airlines/Globe Newswire