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Jun 30, 2024
Sun Country Airlines Q2 2024 Earnings Report
Reported eighth consecutive profitable quarter with GAAP EPS of $0.03 and adjusted EPS of $0.06, despite a soft domestic revenue environment and late-June operational challenges.
Key Takeaways
Sun Country Airlines reported a net income of approximately $2 million and income before income tax of $3 million, on $254 million of revenue. GAAP operating income during the quarter was $12 million, while adjusted operating income was $14 million, operating margin was 4.9% and adjusted operating margin was 5.5%.
Entered into a revised Air Transport Services Agreement with Amazon that includes an extension of the agreement through 2030 with options to further extend through 2037.
The agreement also includes the addition of eight new freighter aircraft to our fleet and revised economics reflecting the realities of the post-pandemic cost environment.
Launched a new mobile app to enhance the travel experience for Sun Country customers.
Extended the selling schedule through April 29, 2025 which includes more than 55 nonstop destinations from Minneapolis-St Paul next winter.
Revenue by Segment
Forward Guidance
Guidance for Third Quarter 2024
Positive Outlook
- Total revenue between $245 to $255 million.
- Total system block hours between 36.5 to 37.5 thousands, a 5% to 8% increase year-over-year.
Challenges Ahead
- Operating income margin between 3% to 5%.
- Economic fuel cost per gallon of $2.82, an 11% decrease year-over-year.
- Effective tax rate of 23%.
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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