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Sun Country Airlines Reports Adjusted Q1 Net Loss of $5 Million on 29% Revenue Decline to $128 M

Sun Country Airlines has reported a first quarter net income of $12.4 million or $0.24 per diluted share. Adjusted to remove $22.5 million in PSP2 grant funds and other one-time items, the carrier’s Q1 net loss was $4.9 million or ($0.09) per share.

Sun Country Reports First Quarter 2021 Financial Results - Courtesy Sun Country Airlines

On Wednesday (May 5, 2021), Sun Country Airlines reported a net income of $12.4 million or $0.24 per diluted share on a 29 percent year-over-year decline in revenue to $127.6 million. The carrier's first quarter adjusted net loss was $4.9 million or ($0.09) per share. The adjustment relates to the removal of $22.5 million of grant funds receives under the U.S. CARES Act Payroll Support Program Extension (PSP2) and other one-time items. On March 19, 2021, the company successfully completed their initial public offering with shares trading on the NASDAQ under the symbol SNCY. Sun Country issued approximately 10.5 million shares, netting proceeds of $225 million, of which $46.3 million was used to repay a U.S. Treasury loan received through the CARES Act.

In Wednesday’s announcement, Sun Country Airlines’ Chief Executive Officer, Jude Bricker, said,

“We are pleased to be reporting our quarterly results for the first time as a public company following our successful IPO in March. The IPO strengthened our balance sheet and better positions Sun Country for long-term profitable growth. While we remain in an unpredictable environment, our business is continuing to recover from the impact of COVID-19 on industry demand. I am encouraged by the recent improvement we are seeing in forward bookings. Demand really picked up in mid-February, and that momentum continues. As of today, our summer schedule is sold to a higher load factor as compared to the same time in 2019. Our charter business is recovering quickly, and we are flying a full twelve aircraft schedule in our cargo business.”

During the first quarter, Sun Country continued to focus on reducing aircraft ownership costs by purchasing five aircraft previously on lease. The company borrowed $68 million through a delayed draw term loan facility to execute the transaction. On a total departure basis, capacity grew 12 percent year-over-year with cargo services offsetting a 22 percent decline in scheduled and charter passenger service. Scheduled passenger load factor for the first quarter declined to 67 percent, compared to 76 percent during the first quarter of 2020.

Sun Country’s average first quarter base fare was down 30 percent to $98.77 versus the same period last year, while ancillary revenue was flat at $42.98. Charter revenue was down 12 percent to $28.5 million, as the return of ‘March Madness’ collegiate sports charter revenue, was offset by a decline in casino charters. In May 2020, the carrier began flying cargo under an Air Transportation Services Agreement (ATSA) with Amazon. During the first quarter, cargo revenue totaled $21.6 million.

The company used a portion of their IPO proceeds to reduce net debt to $236 million compared to $475 million at the end of 2020. On April 29, 2021, Sun Country received their first PSP3 installment grant of $17.3 million. The company’s total liquidity at the end of April was $325 million, including $300 million in cash and equivalents, as well as a $25 million undrawn revolving credit facility. Sun Country currently operates a fleet of 30 Boeing 737-800s, one 737-700 and 12 737-800 freighters, and expects to add three or more aircraft to their fleet this year.

Sun Country's First Quarter 2021 Financial Results - Courtesy Sun Country Airlines

Sun Country Airlines (NASDAQ: SNCY) is a new breed of hybrid low-cost carrier founded in 1983 by a small group of pilots and flight attendants. The award winning Minneapolis-St. Paul based airline has distinguished itself as a leader in leisure travel over its 37 years of service. The Sun Country brand encourages guests to ‘Get to Going’ with low fares and safe, reliable, nonstop service to over 50 amazing destinations across the U.S., Canada, Mexico, Central America and the Caribbean. The carrier offers services through their Sun Country Charters and Sun Country Vacations divisions, and the airline also provides cargo CMI services.

In trading Thursday Morning (5/6/2021), shares in Sun Country Holdings, Inc. (NASDAQ: SNCY) were 4.91% lower at $38.13/share (11:09 AM EDT).

Source: Sun Country Airlines


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