Press release
Sun Country Airlines Reports Second Quarter 2024 Results
Revenue of $254 million, impacted by late-June cancellationsGAAP diluted EPS of $0.03, operating income of $12 million and margin of 4.9%Adj. diluted EPS(1)
About this update from Sun Country Airlines Holdings, Inc.
[{"type":"text","content":"Revenue of $254 million, impacted by late-June cancellationsGAAP diluted EPS of $0.03, operating income of $12 million and margin of 4.9%Adj. diluted EPS(1) of $0.06, adjusted operating income(1) of $14 million and margin of 5.5% MINNEAPOLIS, Aug. 01, 2024 (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, 2024. “Sun Country is pleased to report our eighth consecutive profitable quarter with GAAP EPS of $0.03 and adjusted EPS of $0.06(1),” said Jude Bricker, Chief Executive Officer of Sun Country. “Despite a soft domestic revenue environment and some late-June operational challenges, we delivered a GAAP operating margin of 4.9% and an adjusted operating margin of 5.5%(1). Sun County’s financial results continue to be among the industry leaders at a particularly challenging time for low-cost airlines. This is the direct result of the unique, diversified model that we have built over the last 6 years. The revised agreement with Amazon that we announced in June will further strengthen the diversification of our revenue base and should significantly add to our earnings. We want to thank our employees for their hard work and dedication during a challenging operating period.” Overview of Second Quarter Three Months Ended June 30, (unaudited) (in millions, except per share amounts) 2024 2023 % Change Total Operating Revenue$254.4 $261.1 (2.6)Operating Income 12.4 35.6 (65.3)Income Before Income Tax 3.1 26.8 (88.5)Net Income 1.8 20.6 (91.2)Diluted earnings per share$0.03 $0.35 (91.4) Three Months Ended June 30, (unaudited) (in millions, except per share amounts) 2024 2023 % Change Adjusted Operating Income(1)$13.9 $40.0 (65.2)Adjusted Income Before Income Tax(1) 4.7 31.3 (85.1)Adjusted Net Income(1) 3.0 24.1 (87.5)Adjusted diluted earnings per share(1)$0.06 $0.40 (85.0) Six Months Ended June 30, (unaudited) (in millions, except per share amounts) 2024 2023 % Change Total Operating Revenue$565.9 $555.2 1.9 Operating Income 67.5 91.4 (26.1)Income Before Income Tax 49.6 76.4 (35.1)Net Income 37.1 58.9 (37.0)Diluted earnings per share$0.67 $0.99 (32.3) Six Months Ended June 30, (unaudited) (in millions, except per share amounts) 2024 2023 % Change Adjusted Operating Income(1)$70.6 $98.5 (28.3)Adju...