Volaris has reported a first quarter 2023 net loss of $71 million or ($0.06) per diluted share and ($.062) per Basic ADS share on a year-over-year increase in revenue of 28.9 percent to $731 million.
On Monday (April 24, 2023), Volaris reported their first quarter financial results for the period ending March 31, 2023. The carrier reported a first quarter net loss of $71.0 million or ($0.06) per diluted share and ($0.62) per Basic ADS share on a 28.9 percent year-over-year increase in revenue to $731.0 million. Volaris’ Q1 total revenue per available seat mile (TRASM) increased 9.5 percent versus the same period last year to 7.71 cents, while cost per available seat mile (CASM) increased 8.2 percent compared Q1 2022 to 8.03 cents. Costs excluding fuel (CASM-ex) increases year-over-year by 5.7 percent to 4.65 cents. At March 31, 2023, Volaris had cash, cash equivalents, and restricted cash totaling $704 million.
In Tuesday’s announcement, Volaris’ President and Chief Executive Officer, Enrique Beltranena, said,
“During the first quarter, demand in all segments and regions remained strong for our company. We achieved a new first-quarter TRASM record, thanks to the solid penetration of ancillaries. Volaris has continued to grow profitably in the United States, driven by our strength in U.S. transborder and Central America regions. Going forward, the strength of our network coupled with our strict cost control are expected to provide us with a widening competitive advantage in our markets. Good progress has been made in CAT1 with the approval of the amendments to the Aviation Law by Congress.”
During the first quarter, Volaris added two Airbus A320neos and two Airbus A321neos, expanding their fleet to 120 aircraft, including three A319s, 40 A320s, 10 A321s, 50 A320neos and 18 A321neos.
Based in Mexico City, Volaris (NYSE:VLRS/BMV:VOLAR) is an ultra-low-cost carrier (ULCC) and Indigo Partners affiliate serving Mexico the U.S. and Central America. The carrier was the first North American airline to operate the Airbus A320neo and currently operates one of the youngest fleets in the Americas. Since launching operations in March 2006, Volaris has increased their network from five to over 200 routes and the company’s fleet has grown from four to 120 aircraft. Volaris offers over 550 daily departures connecting 43 cities in Mexico and 28 cities in the U.S., Central and South America. The company targets customers visiting friends and relatives, as well as cost-conscious business and leisure travelers.
Source: Volaris