Welcome to our dedicated page for Sun Country Airlines Holdings news (Ticker: SNCY), a resource for investors and traders seeking the latest updates and insights on Sun Country Airlines Holdings stock.
Sun Country Airlines Holdings, Inc. (SNCY) is a Minneapolis/St. Paul, Minnesota-based airline renowned for its world-class service and affordability. The company operates as a low-cost air carrier with two core business segments: Passenger and Cargo. Within the Passenger segment, Sun Country Airlines offers both Scheduled Service and Charter Service, catering to leisure travelers and groups alike. The Cargo segment, meanwhile, provides air cargo services with a significant partnership with Amazon. Sun Country Airlines covers popular destinations across the U.S., Mexico, Central America, Canada, and the Caribbean.
Established as a hometown carrier, the airline has earned high praise, including a spot in Conde Nast Traveler's Top 10 domestic airlines. The company also offers a spectrum of vacation packages through Sun Country Vacations, which allows travelers to book flights, hotels, rental cars, and more in a single transaction. Beyond this, Sun Country Charters provides customized and reliable charter experiences, ensuring on-time performance and dependable maintenance.
In recent financial updates, Sun Country Airlines has shown robust performance. For the third quarter ended September 30, 2023, the company reported a net income of $8 million on $249 million in revenue. This performance was bolstered by a 12.3% year-over-year revenue increase, driven by strong operational results across scheduled services, charter services, and cargo operations. The company produced a GAAP operating income of $19 million and an adjusted operating income of $20 million, reflecting a 7.6% operating margin and an 8.1% adjusted operating margin.
Notably, Sun Country Airlines continues to focus on growth, with block hours flown in the third quarter of 2023 up by 14.4% year-over-year. The company has also been proactive in repurchasing shares, with the board authorizing an additional $25 million for share repurchases, on top of the $80 million already used for this purpose since November 2022.
As of the first quarter of 2024, Sun Country Airlines reported a revenue of $311 million, with net income at $35 million. The company continues to exhibit strong margins and cost control, supported by a dedicated workforce and strategic growth initiatives. This consistent performance has placed Sun Country Airlines among the industry's strong performers, with a focus on maintaining a healthy balance sheet and investing in fleet expansion to support future growth.
Sun Country Airlines (NASDAQ: SNCY) President and Chief Financial Officer will participate in a fireside chat at the B of A Securities Transportation, Airlines and Industrials Conference on May 16. For more information, visit the Sun Country investor relations website.
Sun Country Airlines reported record-high revenue of $311 million for the first quarter of 2024, with GAAP diluted EPS of $0.64. The company's adjusted diluted EPS was $0.66, achieving adjusted operating income of $57 million. Sun Country's total revenue saw a 5.9% increase from the previous year, with strong growth in block hours and scheduled passenger service ASMs. Notable highlights include extending the selling schedule, acquiring three aircraft, and repurchasing $11.5 million worth of SNCY shares. The company's balance sheet remains healthy, with total liquidity of $179 million and net debt of $565 million. Fleet expansion continues with 44 passenger aircraft and 12 freighter aircraft. Guidance for the second quarter of 2024 includes total revenue between $255 to $265 million.
Sun Country Airlines (SNCY) will host its first quarter 2024 earnings call on May 7, 2024, at 8:30 a.m. Eastern Time. Investors can access the call and replay through the Sun Country investor relations website.
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