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Sep 30, 2022
Sun Country Airlines Q3 2022 Earnings Report
Sun Country Airlines reported third quarter results with GAAP diluted EPS of $0.18 and operating income of $15 million.
Key Takeaways
Sun Country Airlines reported a strong leisure demand environment in Q3 2022, with a 39% increase in scheduled service unit revenue compared to Q3 2021. Despite higher fuel prices and the impact of Hurricane Ian, the company achieved a GAAP operating margin of 6.9% and an adjusted operating income margin of 7.2%. Total revenue for the quarter was $222 million.
Scheduled service unit revenue increased 39% versus third quarter 2021.
GAAP operating margin of 6.9% and an adjusted operating income margin of 7.2%.
Pilot training pipeline expanded with 91 pilots hired in 2022, a 20% increase.
Board of directors authorized management to repurchase up to $50 million worth of SNCY shares.
Revenue by Segment
Forward Guidance
Sun Country Airlines provided guidance for the fourth quarter of 2022, including total revenue between $220 million and $230 million, an economic fuel cost per gallon of $3.75, an operating income margin between 4% and 8%, an effective tax rate of 23%, and total system block hours between 32,000 and 33,000.
Positive Outlook
- Total revenue between $220 million and $230 million, a 27% to 33% increase compared to Q4 2021.
- Total system block hours - thousands 32 to 33, a 9% to 12% increase compared to Q4 2021.
- Economic fuel cost per gallon $3.75
- Operating income margin - percentage 4% to 8%
- Effective tax rate 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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