Press release
Sun Country Airlines Reports Third Quarter 2023 Results
Revenue of $249 million, highest third quarter on record(1)GAAP diluted EPS of $0.13 and operating income of $19 millionAdj. diluted EPS(2) of $0.14 and
About this update from Sun Country Airlines Holdings, Inc.
[{"type":"text","content":"Revenue of $249 million, highest third quarter on record(1)GAAP diluted EPS of $0.13 and operating income of $19 millionAdj. diluted EPS(2) of $0.14 and adjusted operating income(2) of $20 million, MINNEAPOLIS, Nov. 07, 2023 (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, 2023. “Sun Country’s diversified business model continued to deliver strong results in the third quarter, as evidenced by our strong GAAP operating results and our third consecutive quarter of year over year improvement in adjusted operating margin, adjusted pre-tax margin and adjusted earnings per share,” said Jude Bricker, Chief Executive Officer of Sun Country. “Total revenue was up by 12.3% versus the third quarter 2022 and we produced GAAP operating income of $19 million, operating margin of 7.6%, and adjusted operating margin(2) of 8.1% for the quarter. The revenue environment continues to stay healthy as demonstrated by scheduled service TRASM(3) declining only 5.0%, while scheduled service ASMs grew 15.1%. This helped to drive GAAP diluted EPS of $0.13 and Adjusted diluted EPS(2) of $0.14 in the third quarter. In addition to our excellent performance, our board of directors has authorized an additional $25 million for repurchases of Sun Country shares.” Overview of Third Quarter Three Months Ended September 30, (unaudited) (in millions, except per share amounts) 2023 2022% ChangeTotal Operating Revenue$248.9$221.712.3 Operating Income 19.0 15.423.5 Income Before Income Tax 10.1 12.9(22.1)Net Income 7.6 10.7(28.9)Diluted earnings per share$0.13$0.18(27.8) Three Months Ended September 30, (unaudited) (in millions, except per share amounts) 2023 2022% ChangeAdjusted Operating Income (2)$20.0$15.926.2Adjusted Income Before Income Tax (2) 11.1 9.714.8Adjusted Net Income (2) 8.4 7.413.9Adjusted diluted earnings per share (2)$0.14$0.1216.7 Nine Months Ended September 30, (unaudited) (in millions, except per share amounts) 2023 2022% ChangeTotal Operating Revenue$804.1$667.320.5Operating Income 110.4 40.6171.9Income Before Income Tax 86.5 14.5496.3Net Income 66.5 10.4540.3Diluted earnings per share$1.12$0.17558.8 Nine Months Ended September 30, (unaudited) (in millions, except per share amounts) 2023 2022% Chan...