Press release
Sun Country Airlines Reports First Quarter 2023 Results
Revenue of $294 million, Sun Country’s highest on record(1)GAAP diluted EPS of $0.64 and operating income of $56 million, Sun Country’s highest on
About this update from Sun Country Airlines Holdings, Inc.
[{"type":"text","content":"Revenue of $294 million, Sun Country’s highest on record(1)GAAP diluted EPS of $0.64 and operating income of $56 million, Sun Country’s highest on record(1)Adj. diluted EPS of $0.68(2) and adjusted operating income of $58 million(2), Sun Country’s highest on record(1) MINNEAPOLIS, April 27, 2023 (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, 2023. “Sun Country’s unique, diversified business model continues to deliver strong results,” said Jude Bricker, Chief Executive Officer of Sun Country. “The revenue environment remains resilient, as we saw a 20.8% increase in total average fare and a gain of 8.6 percentage points in load factor in the first quarter versus 2022. This demand strength helped deliver a first quarter GAAP operating income margin of 19.0% and an adjusted operating income margin of 19.9%(2), easily exceeding the first quarter of last year by over 9 percentage points. We delivered these outstanding results despite a winter season at our Minneapolis-St. Paul base that was the third snowiest on record. I want to thank our dedicated team of employees for their extraordinary efforts this winter.” Overview of First Quarter Three Months Ended March 31, (unaudited) (in millions, except per share amounts) 2023 2022% ChangeTotal Operating Revenue$294.1$226.529.8Operating Income 55.8 21.8155.5Income Before Income Tax 49.7 6.4674.0Net Income 38.3 3.6953.8Diluted earnings per share$0.64$0.06966.7 Three Months Ended March 31, (unaudited) (in millions, except per share amounts) 2023 2022% ChangeAdjusted Operating Income (2)$58.5$22.8156.9Adjusted Income Before Income Tax (2) 52.5 15.7234.6Adjusted Net Income (2) 40.4 12.3227.6Adjusted diluted earnings per share (2)$0.68$0.20240.0 For the quarter ended March 31, 2023, Sun Country reported net income of $38 million and income before income tax of $50 million, on $294 million of revenue. Adjusted income before income tax for the quarter was $53 million(2). GAAP operating income during the quarter was $56 million, while adjusted operating income was $58 million(2). “We continue to see strength across our scheduled service, charter and cargo businesses,” said Dave Davis, President and Chief Financial Officer. “Total revenue was up nearl...