Press release
Sun Country Airlines Reports Fourth Quarter and Full Year 2022 Results
Q4 2022 GAAP diluted EPS of $0.12 and operating margin of 6.7%Q4 2022 Adjusted diluted EPS of $0.13(1) and adjusted operating margin of 7.0%(1)FY 2022 GAAP
About this update from Sun Country Airlines Holdings, Inc.
[{"type":"text","content":"Q4 2022 GAAP diluted EPS of $0.12 and operating margin of 6.7%Q4 2022 Adjusted diluted EPS of $0.13(1) and adjusted operating margin of 7.0%(1)FY 2022 GAAP diluted EPS of $0.29 and operating margin of 6.2%FY 2022 Adjusted diluted EPS of $0.42(1) and adjusted operating margin of 6.5%(1) MINNEAPOLIS, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Sun Country Airlines Holdings, Inc. (“Sun Country Airlines,” “Sun Country,” the “Company”) (NASDAQ: SNCY) today reported financial results for its fourth quarter and full year ended December 31, 2022. “Thank you to the entire Sun Country team for a successful 2022,” said Jude Bricker, Chief Executive Officer of Sun Country. “Our unique and diversified business model continued to produce strong results in the face of significant industry challenges, as we grew year-over-year revenue by 43.6% to $894.4 million, a record high for Sun Country. Despite constraints on our growth, the impact of Omicron in Q1 and a 71% increase in fuel prices versus 2021, we produced a GAAP pre-tax margin of 2.7% and an adjusted pre-tax margin of 3.7% for the year while growing scheduled service block hours nearly 18%. Over the important holiday travel season, our operations team produced the industry’s highest completion factor of 99.3%. We are very optimistic about 2023, as we continue to see strong bookings, unit revenues and earnings growth heading into Q1.” Overview of Fourth Quarter and Full Year Three Months Ended December 31, (unaudited) (in millions, except per share amounts)20222021(7)% ChangeTotal Operating Revenue$227.2$172.6 31.6Operating Income 15.1 10.2 48.0Income (Loss) Before Income Tax 9.5 (0.4)NMNet Income (Loss) 7.3 (1.1)NMDiluted earnings (Loss) per share$0.12$(0.02)NM Three Months Ended December 31, (unaudited) (in millions, except per share amounts)20222021(7)% ChangeAdjusted Operating Income(1)$15.9$14.212.0Adjusted Income Before Income Tax(1) 10.3 7.439.2Adjusted Net Income(1) 7.9 5.836.2Adjusted diluted earnings per share(1)$0.13$0.0944.4 Year Ended December 31, (unaudited) (in millions, except per share amounts)20222021(7)% ChangeTotal Operating Revenue$894.4$623.043.6 Operating Income 55.7 111.9(50.2)Income Before Income Tax 24.0 100.3(76.1)Net Income 17.7 81.2(78.2)Diluted earnings per share$0.29$1.37(78.8) Year Ended December 31, (unaudited) (in millions, except per share amounts) 20222021(7)% Ch...