Effective Second Quarter of 2023, Sun Country Airlines’ findings.

For the second quarter of 2023, an adjusted income before income tax(2) was $31 million. During the second quarter of 2023, GAAP operating income was $36 million while adjusted operating income(2) was $40 million.

Sun Country Airlines reported a net income of $21 million and income before income tax of $27 million on sales of $261 million for the quarter that ended June 30, 2023.

Jude Bricker, Chief Executive Officer of Sun Country, said

“Sun Country had a historically strong second quarter, in what is typically a seasonally weaker quarter for us,”

Second Quarter of 2023 Overview

Overview of Second Quarter
© Sun Country Airlines

Revenue

Sun Country Airlines recorded total sales of $261 million during the second quarter of 2023, a 19.2% increase over the same period in 2022. In the second quarter of 2023, the Company’s planned service TRASM(3) of 12.74 cents climbed 10.3% year over year while scheduled service ASMs increased by 5.6%.

In the second quarter of 2023 average total ticket of $177 was 2.7% higher than the second quarter of 2022 and had a good average ancillary income per passenger of $66. The company’s charter service revenue reached $50 million in the second quarter of 2023, a 16.1% rise from the same period the previous year.

As a result of decreased fuel costs, our charter clients paid us less for fuel, which resulted in a 6.3% decrease in the rate for the second quarter of 2023’s charter income per block hour.

Cargo revenue was $25 million in the second quarter of 2023, up 18.1% from the second quarter of 2022. The yearly rate escalation that began in mid-December 2022 and a 10.4% rise in block hours were the main causes of the variation.

Dave Davis, President and Chief Financial Officer, said

“During the quarter, revenue growth continued across our scheduled service, charter and cargo businesses, and the second quarter was our eighth consecutive quarter where year-over-year total revenue growth has exceeded total block hour growth,”

Capacity

The number of system blocks flown in the second quarter of 2023 increased by 11.3% from the previous quarter.

As Amazon flying was restricted by scheduled maintenance events last year, cargo block hours increased by 10.4% in the second quarter compared to the same period the previous year.

On an increasing average passenger aircraft of 21.7%, scheduled service block hours and charter block hours grew by 7.4% and 23.9%, respectively, year over year.

Dave Davis, President and Chief Financial Officer, said

“During the quarter, revenue growth continued across our scheduled service, charter and cargo businesses, and the second quarter was our eighth consecutive quarter where year-over-year total revenue growth has exceeded total block hour growth,”

Cost

Total GAAP operating expenditures for the second quarter of 2023 rose 4.5% year over year, principally as a result of a 25.9% rise in salaries, wages, and benefits. A $3 million one-time vesting of management stock options contributed to this rise.

Fuel prices decreased by 32.0% as compared to the second quarter of 2022. Adjusted CASM(4) increased by 10.4% in the second quarter compared to the same period in 2022, which may be attributed to a 9.5% decrease in daily aircraft utilisation over the same period.

Jude Bricker, Chief Executive Officer of Sun Country, said

“The revenue environment continued to be robust as total average fare increased 2.7% and load factor was up by 2 percentage points versus the second quarter of 2022.

This helped to drive GAAP diluted EPS of $0.35 and Adjusted diluted EPS(2) of $0.40 in the second quarter.

In addition to our excellent performance, our board of directors has authorized an additional $30 million for repurchases of Sun Country shares.”

Balance Sheet and Liquidity

Balance Sheet and Liquidity
© Sun Country Airlines

 

Fleet

As of June 30, 2023, the Company had 43 aircraft in its passenger service fleet, 12 freighter aircraft in its cargo business, and five aircraft held for operational lease.

Guidance for Third Quarter 2023

Guidance for Third Quarter 2023
© Sun Country Airlines

Dave Davis, President and Chief Financial Officer, said

“Total flown block hours during the second quarter across all business lines grew by 11.3% year over year. Adjusted CASM(4) was 10.4% higher than THE second quarter 2022, which reflects declining year-over-year CASM growth versus the first quarter. We expect year-over-year Adjusted CASM(4) trends to continue to improve in the quarters ahead.”

 

What do you think of Sun Country Airlines Financial Performance? Let us know in the comment below! 

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Samuel Ayobami Ojerinola
Samuel Ayobami Ojerinola
Aviation Reporter - With a deep background in travel including previous work for LoveHolidays, Omega and HRG, Samuel contributes news and analysis here at Travel Radar. Samuel also holds a BA degree in Travel & Tourism Management from the University of West London.
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