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Mar 31, 2024
Sun Country Airlines Q1 2024 Earnings Report
Sun Country Airlines reported first quarter results with record revenue and strong margins.
Key Takeaways
Sun Country Airlines reported a strong first quarter with a record revenue of $311 million, a 5.9% increase compared to Q1 2023. The company's diversified business model and effective cost control contributed to industry-leading margins. The company repurchased $11.5 million worth of SNCY shares.
Total revenue increased by 5.9% year-over-year, reaching a record quarterly high of $311 million.
System block hours flown grew by 9.6% year-over-year, driven by a 16.2% increase in scheduled service block hours.
The company extended the selling schedule through December 2024 and will operate 122 routes serving 108 airports.
Sun Country repurchased 755,000 shares at an average price of $15.22 during the first quarter.
Revenue by Segment
Forward Guidance
Sun Country Airlines provided guidance for the second quarter of 2024.
Positive Outlook
- Total revenue between $255 million and $265 million.
- Total system block hours between 37,000 and 38,000.
- Economic fuel cost per gallon of $2.93.
- Effective tax rate of 23%.
Challenges Ahead
- Total revenue is expected to be (2%) to 1% lower compared to Q2 2023.
- Operating income margin is expected to be 4% to 7%, lower by (11pp) to (8pp) compared to Q2 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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