top of page

The content on Breitflyte Airline News Network will always be free and won’t require a subscription. is a participant in several affiliate advertising programs designed to provide a means for us to earn fees by linking to affiliated sites.  We may earn a commission if you click on or make a purchase through one of our links.  Thank you for supporting our affiliate advertisers. 



Sun Country Airlines Reports Fourth Quarter 2023 Net Profit of $5.6 Million or $0.10 per Diluted Share

Sun Country Airlines has reported a fourth quarter 2023 net profit of $5.6 million or $0.10 per diluted share on a year-over-year increase in revenue of 8.1 percent to $245.5 million.  For the full year, the carrier reported a net profit of $72.2 million or $1.23 per diluted share.

Sun Country Airlines Reports Fourth Quarter and Full Year 2023 Financial Results - Courtesy Sun Country Airlines

On Wednesday (January 31, 2024), Sun Country Airlines reported their fourth quarter and full year financial results for the period ending December 31, 2023.  The carrier reported a fourth quarter net profit of $5.6 million or $0.10 per diluted share on a year-over-year increase in revenue of 8.1 percent to $245.5 million.  For the full year 2023, Sun Country reported a net profit of 72.2 million or $1.23 per diluted share on a 17.3 percent revenue increase compared to FY2022 to $1.05 billion.  At December 31, 2023, Sun Country Airlines had total liquidity of $205.2 million and net debt totaling $517.2 million.

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

“We are excited that Sun Country’s uniquely diversified business model, and the efforts of our outstanding employees, produced another strong quarter, with record revenue, a 7.0% GAAP operating income margin and a 7.4% adjusted operating income margin.

“Additionally, we continue to maintain solid cost control with fourth quarter adjusted CASM falling by 2.2% versus fourth quarter 2022. Results for the full year were equally impressive.  Full year 2023 revenue exceeded $1 billion for the first time, our GAAP operating income margin was 12.1%, and our adjusted operating income margin of 13.0% was our highest on record.  GAAP net income for the year was $72.2 million and we grew total year over year block hours by 9.8% and total revenue by 17.3%.  We believe our unique business model produces superior results across operating environments and 2023 again proved that out.  We could not have achieved these record results without the hard work of our dedicated employees. We are looking forward to another successful year in 2024.”

Also commenting on the company’s Q4 and full year 2023 financial results, Sun Country Airlines’ President and Chief Financial Officer, Dave Davis, said,

“We had a very successful 2023.  Our full year GAAP pre-tax margin was 9.0% and we produced an adjusted pre-tax margin of 9.9%, which we expect to be the best, or among the best in the industry.  Our cost performance improved throughout the year as our fourth quarter adjusted CASM of 7.3 cents was 2.2% lower than a year ago.  Additionally, our 2023 GAAP diluted EPS was $1.23, our adjusted diluted EPS was $1.37 and we generated a record 21.4% adjusted EBITDA margin for the full year.  These positive results allowed us to return cash to shareholders through share repurchases, which in 2023 totaled 4.2 million shares for $68.6 million.  Total Capex spending in 2023 was $218.2 million, of which approximately $200 million was for additional aircraft.  We expect these aircraft to provide almost all of the passenger lift we need through 2025, resulting in much lower capex levels in 2024.”

Sun Country Airlines' Fourth Quarter and Full Year 2023 Financial Results - Courtesy Sun Country Airlines

Sun Country’s fourth quarter total revenue per seat mile (TRASM) decreased year-over-year by 9.1 percent to 10.7 cents as scheduled ASMs increased 14.9 percent.  The carrier’s adjusted fourth quarter cost per available seat mile (CASM) decreased 2.2 percent versus Q4 2022 to 7.3 cents.  For the full year 2023, Sun Country’s TRASM increased 7.6 compared to the previous year.

Founded in 1983, Sun Country Airlines (NASDAQ: SNCY) has evolved into a new breed of hybrid low-cost carrier.  The award-winning Minneapolis-St. Paul based airline has distinguished itself as a leader in leisure travel over their 40 years of service. Sun Country offers low fares and safe, reliable, nonstop service on 120 routes to 104 airports across the U.S., Mexico, Central America, Canada and the Caribbean.  Additionally, the carrier offers services through their Sun Country Charters and Sun Country Vacations divisions and operates cargo CMI services for Amazon.



Source: Sun Country Airlines/Globe Newswire


bottom of page