Volaris has reported a first quarter 2024 net profit of $33 million or $0.29 per ADS share on a year-over-year increase in revenue of 5.1 percent to $768 million. At March 31, 2024, Volaris had total liquidity of $768 million.
On Monday (April 22, 2024), Volaris reported their first quarter financial results for the period ending March 31, 2024. The carrier reported a first quarter net profit of $33 million or $0.29 per ADS share on a 5.1 percent year-over-year increase in revenue to $768 million. Volaris’ first quarter total revenue per available seat mile (TRASM) increased versus the same period last year by 21 percent to 9.34 cents, while cost per available seat mile (CASM) remained relatively pat at 8.08 cents. Costs excluding fuel (CASM-ex) increased compared to Q1 2023 by 11 percent to 5.16 cents. Volaris ended the first quarter with total cash, cash equivalents, restricted cash and short term investments of $768 million.
In Monday’s announcement, Volaris’ President & CEO, Enrique Beltranena, said,
“We are pleased with our business performance as our Volaris team delivered strong first quarter 2024 results. Over the last six months, our primary focus has been directing operations to enhance our customer service and continuing our emphasis on obsessive cost control. Despite the ongoing industry challenges, we continue to execute well and remain focused on delivering shareholder value. The company produced strong results that exceeded expectations.
“We generated a remarkable increase in TRASM and ancillaries while costs remained controlled. Moreover, Volaris achieved net profitability in the first quarter, posting a net income of $33 million dollars. This marks a significant achievement, as historically, due to seasonality, our first quarters have resulted in net losses; the last time we recorded a net profit in the first quarter was in 2019. Looking forward, booking curves remain solid. As we execute our strategy, we prioritize profitability when allocating capacity and are cautiously optimistic about achieving results in line with our updated guidance.”
Volaris' First Quarter 2024 Financial results and Fleet Data - Courtesy Volaris
Based in Mexico City, Volaris (NYSE:VLRS/BMV:VOLAR) is an ultra-low-cost carrier (ULCC) and Indigo Partners affiliate serving Mexico the U.S., Central and South America. The carrier was the first North American airline to operate the Airbus A320neo and currently operates one of the youngest fleets in the Americas. Since launching operations in March 2006, Volaris has increased their network from five to over 198 routes and the company’s fleet has grown from four to 134 aircraft. Volaris offers over 450 daily departures connecting 44 cities in Mexico and 29 cities in the U.S., Central and South America. The company targets customers visiting friends and relatives, as well as cost-conscious business and leisure travelers.
Source: Volaris