Press release
Sun Country Airlines Reports Second Quarter 2023 Results
Revenue of $261 million, highest second quarter on record(1)GAAP diluted EPS of $0.35 and operating income of $36 millionAdj. diluted EPS(2) of $0.40 and
About this update from Sun Country Airlines Holdings, Inc.
[{"type":"text","content":"Revenue of $261 million, highest second quarter on record(1)GAAP diluted EPS of $0.35 and operating income of $36 millionAdj. diluted EPS(2) of $0.40 and adjusted operating income(2) of $40 million, highest second quarter on record(1) MINNEAPOLIS, Aug. 03, 2023 (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, 2023. “Sun Country had an historically strong second quarter, in what is typically a seasonally weaker quarter for us,” said Jude Bricker, Chief Executive Officer of Sun Country. “Total revenue was up by 19.2% versus the second quarter 2022 and we produced a GAAP operating margin of 13.6% and an adjusted operating margin(2) of 15.3%. The revenue environment continued to be robust as total average fare increased 2.7% and load factor was up by 2 percentage points versus the second quarter of 2022. This helped to drive a GAAP diluted EPS of $0.35 and an Adjusted diluted EPS(2) of $0.40 in the second quarter. In addition to our excellent performance, our board of directors has authorized an additional $30 million for repurchases of Sun Country shares.” Overview of Second Quarter Three Months Ended June 30, (unaudited) (in millions, except per share amounts) 2023 2022 % ChangeTotal Operating Revenue$261.1$219.1 19.2Operating Income 35.6 3.4 956.3Income (Loss) Before Income Tax 26.8 (4.8)NMNet Income (Loss) 20.6 (3.9)NMDiluted earnings (Loss) per share$0.35$(0.07)NM Three Months Ended June 30, (unaudited) (in millions, except per share amounts) 2023 2022 % ChangeAdjusted Operating Income (2)$40.0$3.9 914.2Adjusted Income (Loss) Before Income Tax (2) 31.3 (2.6)NMAdjusted Net Income (Loss) (2) 24.1 (1.8)NMAdjusted diluted earnings (Loss) per share (2)$0.40$(0.03)NM Six Months Ended June 30, (unaudited) (in millions, except per share amounts) 2023 2022 % ChangeTotal Operating Revenue$555.2$445.6 24.6Operating Income 91.4 25.2 262.6Income Before Income Tax 76.4 1.6 NMNet Income (Loss) 58.9 (0.3)NMDiluted earnings per share$0.99$0.00 NM Six Months Ended June 30, (unaudited) (in millions, except per share amounts) 2023 2022% ChangeAdjusted Operating Income (2)$98.5$26.7268.8Adjusted Income Before Income Tax (2) 83.8 13.0542.3Adjusted Net Income (2) 64.5 10.5514.5Adjusted diluted earnings pe...