Press release
Sun Country Airlines Reports Second Quarter 2022 Results
Q2 2022 GAAP diluted EPS of $(0.07) and operating income of $3 million Q2 2022 Adjusted diluted EPS of $(0.03)(1) and adjusted operating income of $4
About this update from Sun Country Airlines Holdings, Inc.
[{"type":"text","content":"Q2 2022 GAAP diluted EPS of $(0.07) and operating income of $3 million Q2 2022 Adjusted diluted EPS of $(0.03)(1) and adjusted operating income of $4 million(1) MINNEAPOLIS, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Sun Country Airlines Holdings, Inc. (“Sun Country Airlines”, “Sun Country”, the “Company”) (NASDAQ: SNCY) today reported financial results for its second quarter ended June 30, 2022. “Despite the second quarter being a historically seasonally weaker quarter, scheduled service TRASM in the quarter was up 29% versus the second quarter 2019 and 13% sequentially versus first quarter 2022. We generated a positive operating profit of $3.4 million and an adjusted operating profit of $4 million despite fuel prices averaging $4.39 per gallon during the quarter,” said Jude Bricker, Chief Executive Officer of Sun Country. \"During the month of June, scheduled service TRASM was 44% higher than in 2019 and we generated a GAAP operating margin of almost 8%, all while we were paying $4.47 per gallon for jet fuel. We continued to see strong leisure demand in July and expect it to stay elevated through the summer travel period. We are facing the same training challenges that have impacted the rest of the industry, resulting in less scheduled service flying than we would like to have flown and negatively impacting results We are making progress on resolving these training challenges and fundamentally view them to be temporary in nature; I am as bullish as ever on all of the critical factors that will determine Sun Country’s long-term success.” Overview of Second QuarterThree Months Ended June 30, (unaudited) (in millions, except per share amounts) 2022 2021(7)% ChangeTotal Operating Revenue$219.1 $149.246.8 Operating Income 3.4 49.8(93.2)Income (Loss) Before Income Tax (4.8) 61.8(107.8)Net Income (Loss) (3.9) 52.2(107.5)Diluted earnings (Loss) per share$(0.07)$0.84(108.3) Three Months Ended June 30, (unaudited) (in millions, except per share amounts) 2022 2021(7)% ChangeAdjusted Operating Income (1)$3.9 $10.8(63.4)Adjusted Income (Loss) Before Income Tax (1) (2.6) 4.7NMAdjusted Net Income (Loss) (1) (1.8) 3.9NMAdjusted diluted earnings (Loss) per share (1)$(0.03)$0.06NM Six Months Ended June 30, (unaudited) (in millions, except per share amounts) 2022 2021(7)% ChangeTotal Operating Revenue$445.6 $276.861.0 Operating Income 25.2 80.4(68.7)Inco...