Press release
Sun Country Airlines Reports Third Quarter 2022 Results
Q3 2022 GAAP diluted EPS of $0.18 and operating income of $15 millionQ3 2022 Adjusted diluted EPS of $0.12(1) and adjusted operating income of $16 million(1)
About this update from Sun Country Airlines Holdings, Inc.
[{"type":"text","content":"Q3 2022 GAAP diluted EPS of $0.18 and operating income of $15 millionQ3 2022 Adjusted diluted EPS of $0.12(1) and adjusted operating income of $16 million(1) MINNEAPOLIS, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Sun Country Airlines Holdings, Inc. (“Sun Country Airlines,” “Sun Country,” the “Company”) (NASDAQ: SNCY) today reported financial results for its third quarter ended September 30, 2022. “The leisure demand environment remains very strong, as our third quarter scheduled service unit revenue increased 39% versus third quarter 2021,” said Jude Bricker, Chief Executive Officer of Sun Country. “Despite fuel prices that were higher than expected and the impact of Hurricane Ian on our Florida operations, we produced a GAAP operating margin of 6.9% and an adjusted operating income margin of 7.2%(1). Our business model continues to demonstrate its inherent resiliency. Even with fuel prices 83% higher than last year and staffing-driven constraints on our capacity, we generated a year-to-date GAAP and adjusted operating income margin of 6%(1).” Overview of Third Quarter Three Months Ended September 30, (unaudited) (in millions, except per share amounts) 20222021(7)% ChangeTotal Operating Revenue$221.7$173.727.7 Operating Income 15.4 21.3(27.8)Income Before Income Tax 12.9 15.5(16.7)Net Income 10.7 13.4(20.2)Diluted earnings per share$0.18$0.22(18.2) Three Months Ended September 30, (unaudited) (in millions, except per share amounts) 20222021(7)% ChangeAdjusted Operating Income (1)$15.9$22.2(28.6)Adjusted Income Before Income Tax (1) 9.7 16.0(39.4)Adjusted Net Income (1) 7.4 13.5(45.2)Adjusted diluted earnings per share (1)$0.12$0.22(45.5) Nine Months Ended September 30, (unaudited) (in millions, except per share amounts) 20222021(7)% ChangeTotal Operating Revenue$667.3$450.548.1 Operating Income 40.6 101.7(60.1)Income Before Income Tax 14.5 100.8(85.6)Net Income 10.4 82.3(87.4)Diluted earnings per share$0.17$1.40(87.9) Nine Months Ended September 30, (unaudited) (in millions, except per share amounts) 20222021(7)% ChangeAdjusted Operating Income (1)$42.6$34.224.5Adjusted Income Before Income Tax (1) 22.7 16.041.9Adjusted Net Income (1) 17.9 12.543.2Adjusted diluted earnings per share (1)$0.29$0.2138.1 For the quarter ended September 30, 2022, Sun Country reported net income of $11 million and income before income tax of $13 million, on $...