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Sun Country Airlines Reports Fourth Quarter 2024 of $13.4 million or $0.24 per Diluted Share

Joe Breitfeller

Sun Country Airlines has reported a fourth quarter 2024 net profit of $13.4 million or $0.24 diluted share on a year-over-year increase in revenue of 6.1 percent to $260.4 million.  At December 31, 2024, the carrier had total liquidity of $205.6 million.


Sun Country Airlines Reports Fourth Quarter and Full Year 2024 Financial Results - Courtesy Sun Country Airlines
Sun Country Airlines Reports Fourth Quarter and Full Year 2024 Financial Results - Courtesy Sun Country Airlines

On Tuesday (February 4, 2025), Sun Country Airlines reported their financial results of the fourth quarter and full year for the period ending December 31, 2024.  The carrier reported a fourth quarter net profit of $13.4 million or $0.24 per diluted share on a year-over-year increase in revenue of 6.1 percent to $260.4 million.  Sun Country’s total system revenue per available seat mile (TRASM) declined 1.0 percent to 11.14 cents, while cost per available seat mile (CASM) declined 0.7 percent to 11.94 cents.  Costs excluding fuel (CASM-ex) increased 7.6 percent compared to Q4 2023 to 7.83 cents.  At December 31, 2024, Sun Country Airlines had total liquidity of $205.6 million, including cash, cash equivalents, sellable securities and available revolving credit.


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


“Sun Country’s uniquely diversified business model and the efforts of our outstanding employees produced record fourth quarter revenue and pretax earnings. Our full year results were also strong, with record revenue, a 9.9% GAAP operating income margin and a 10.4% adjusted operating income margin.  We were an industry leader in making significant capacity adjustments in response to industry oversupply, particularly during off-peak periods.  The capacity environment in the fourth quarter was more balanced and we see this continuing into the first quarter of 2025.  


“The improved economics of our cargo business also contributed to our strong results in the second half of the year.  As we move into 2025, we expect the favorable environment to continue, with strong unit revenue trends in our passenger business and the addition of eight more Amazon freighter aircraft to our fleet throughout the year.  Our revenue streams are becoming even more diverse as we increase cargo flying, and our earnings are becoming more stable as more of our flying moves under contractual agreements.”


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


“Our fourth quarter results exceeded our initial expectations, and we achieved a higher total revenue and operating margin than we guided to at the beginning of the quarter.  While fourth quarter passenger unit revenue was slightly less than flat year over year, we saw steady improvement throughout the quarter, with December scheduled service TRASM increasing over 5% year-over-year on almost 8% ASM growth.  


“Total fare for the fourth quarter increased 2.2% and we foresee positive fare trends continuing.  In addition to improving revenue trends, our successful cost control efforts continue, with full year 2024 adjusted CASM increasing only 1.3% over 2023.  As Jude noted, we see strong first quarter 2025 bookings on mid-single digit growth in scheduled service ASMs.  While we anticipate very rapid growth in our cargo segment in 2025, the timing of the new freighter deliveries should allow us to maximize scheduled service flying in the first quarter, our most profitable quarter.”


Sun Country Airlines' Fourth Quarter and Full Year 2024 Financial Results - Courtesy Sun Country Airlines
Sun Country Airlines' Fourth Quarter and Full Year 2024 Financial Results - Courtesy Sun Country Airlines

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                    

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