Press release
Sun Country Airlines Reports First Quarter 2021 Results
Q1 2021 GAAP EPS of $0.24 and operating income of $25 millionQ1 2021 Adjusted EPS of ($0.09)(1) and adjusted operating income of $1 million (1) MINNEAPOLIS,
About this update from Sun Country Airlines Holdings, Inc.
[{"type":"text","content":"Q1 2021 GAAP EPS of $0.24 and operating income of $25 millionQ1 2021 Adjusted EPS of ($0.09)(1) and adjusted operating income of $1 million (1) MINNEAPOLIS, May 05, 2021 (GLOBE NEWSWIRE) -- Sun Country Airlines Holdings, Inc. (“Sun Country Airlines”, “Sun Country”, the “Company”) (NASDAQ: SNCY) today reported financial results for its first quarter ended March 31, 2021. “We are pleased to be reporting our quarterly results for the first time as a public company following our successful IPO in March. The IPO strengthened our balance sheet and better positions Sun Country for long-term profitable growth,” said Jude Bricker, Chief Executive Officer of Sun Country. “While we remain in an unpredictable environment, our business is continuing to recover from the impact of COVID-19 on industry demand. I am encouraged by the recent improvement we are seeing in forward bookings. Demand really picked up in mid-February, and that momentum continues. As of today, our summer schedule is sold to a higher load factor as compared to the same time in 2019. Our charter business is recovering quickly, and we are flying a full twelve aircraft schedule in our cargo business.” Overview of First Quarter Three Months Ended March 31, (unaudited) (in millions, except share amounts) 2021 2020% ChangeTotal operating revenue$127.6$180.3(29.2)Operating income 24.9 15.263.7 Income before income tax 17.8 9.783.8 Net income 12.4 7.371.2 Diluted earnings per share$0.24$0.1560.0 Three Months Ended March 31, (unaudited) (in millions, except share amounts) 2021 2020% ChangeAdjusted operating income (1)$1.2 $15.6(92.3)Adjusted income (loss) before income tax (1) (4.7) 10.1(146.5)Adjusted net income (loss) (1) (4.9) 7.6(164.5)Adjusted diluted earnings (loss) per share (1)($0.09)$0.16(156.3) For the quarter ended March 31, 2021, Sun Country reported net income of $12.4 million and income before income tax of $17.8 million, on $127.6 million of revenue. Adjusting to remove $22.5 million of net benefit from the CARES Act grant received during the quarter and other one-time items, adjusted income before income tax for the quarter was a loss of $4.7 million(1). GAAP operating income during the quarter was $24.9 million, producing an operating margin of 20%, while adjusted operating income was positive $1.2 million(1), resulting in an adjusted operating income margin of 0....