Press release
Sun Country Airlines Reports First Quarter 2022 Results
Q1 2022 GAAP diluted EPS of $0.06 and operating income of $22 millionQ1 2022 Adjusted diluted EPS of $0.20(1) and adjusted operating income of $23 million(1)
About this update from Sun Country Airlines Holdings, Inc.
[{"type":"text","content":"Q1 2022 GAAP diluted EPS of $0.06 and operating income of $22 millionQ1 2022 Adjusted diluted EPS of $0.20(1) and adjusted operating income of $23 million(1) MINNEAPOLIS, May 05, 2022 (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, 2022. “We are very happy to report another profitable quarter,” said Jude Bricker, Chief Executive Officer of Sun Country. “I am proud of all the people at Sun Country who, once again, delivered quarterly profitable growth despite the challenging macro-economic and pandemic backdrop. Very strong bookings and unit revenue trends, combined with solid cost control, drove a first quarter net income, adjusted net income and adjusted net income per share of approximately $4 million, $12 million and $0.20 per share, respectively. These results came despite much higher-than-expected fuel prices and Omicron-driven headwinds earlier in the quarter. We anticipate passenger demand to remain strong with second quarter scheduled service TRASM expected to increase between 25% and 34% versus second quarter 2019. Sun Country’s uniquely resilient model has now generated our fourth consecutive quarter of profitability and our sixth consecutive quarter of greater than 15% EBITDAR margins.” Overview of First Quarter Three Months Ended March 31, (unaudited) (in millions, except per share amounts) 2022 2021% ChangeTotal operating revenue$226.5$127.677.5Operating income21.824.9(12.4)Income before income tax6.417.8(64.0)Net income3.612.4(70.7)Diluted earnings per share$0.06$0.24(75.0) Three Months Ended March 31, (unaudited) (in millions, except per share amounts) 2022 2021 % ChangeAdjusted operating income (1)$22.8$1.2NMAdjusted income (loss) before income tax (1)15.7(4.7)NMAdjusted net income (loss) (1)12.3(4.9)NMAdjusted diluted earnings (loss) per share (1)$0.20($0.09)NM “NM” stands for not meaningful For the quarter ended March 31, 2022, Sun Country reported net income of $4 million and income before income tax of $6 million, on $227 million of revenue. Adjusted income before income tax for the quarter was $16 million(1). GAAP operating income during the quarter was $22 million, producing an operating margin of 9.6%, while adjusted operating income was $23 million(1), result...