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Volaris Reports Fourth Quarter 2023 Net Profit of $112 Million or $0.10 per Share

Volaris has reported a fourth quarter 2023 net profit of $112 million or $0.10 per share, and $0.97 per ADS share, on a year-over-year increase in revenue of 9.6 percent to $899 million.  At December 31, 2023, the carrier had liquidity totaling $789 million.


Volaris Airbus A321neo - Courtesy Airbus

On Monday (February 26, 2024), Volaris reported their fourth quarter financial results for the period ending December 31, 2023.  The carrier reported a fourth quarter net profit of $112 million or $0.10 per share and $0.97 per ADS share.  Volaris’ Q4 revenue increased year-over-year by 9.6 percent to $899 million.  For the fourth quarter, Volaris’ total revenue per available seat mile (TRASM) increased 10.7 percent versus Q4 2022 to 9.56 cents, while cost per available seat mile (CASM) declined 2.3 percent to 7.81 cents.  Costs excluding fuel (CASM-ex) increased 10.7 percent compared to the same period last year to 4.86 cents.  The company ended the period with $789 million in cash, cash equivalents, restricted cash and short-term investments.


In Monday’s announcement, Volaris’ President & Chief Executive Officer, Enrique Beltranena, said,


“Throughout 2023, we gained valuable lessons when resizing the operations, capitalizing on strong demand while adjusting our network, and turned a very complex situation into a solid financial result for the fourth quarter.  We recorded our highest-ever historical quarterly TRASM and posted a net income of $112 million.  Our performance demonstrated resilience in the face of the challenges encountered throughout the year, such as the extended FAA downgrade of Mexico to CAT 2, Pratt & Whitney’s engine preventive accelerated inspections, and slot reductions at the Mexico City International Airport.  Our proactive strategies and mitigation plan have proven effective.  Looking ahead, 2024 holds promise, as our booking curves and total unit revenues indicate continuing favorable trends aligned with our guidance.  We expect that our focus on operational efficiency, customer satisfaction, and prudent capacity management will continue to drive profitability.”


Volaris' Fourth Quarter and Full Year 2023 Financial Results - Courtesy Volaris

For the full year 2023, Volaris reported a net profit of $8.0 million or $0.01 per share and $0,07 per ADS share on a year-over-year increase in revenue of 14 percent to $3.26 billion.  The carrier’s FY 2023 TRASM increased 3.8 percent to 8.38 cents, while CASM declined 1.7 percent to 7.81 cents, and CASM-ex increased 13 percent to 4.81 cents. 


During Q4, Volaris added four Airbus A321neos to their fleet, bringing the fleet total to 129 aircraft as of December 31, 2023, with an average age of 5.7 years.  Volaris’ fleet is currently comprised of 59 percent new engine option (neo) aircraft.

 

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. and Central 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 241 routes and the company’s fleet has grown from four to 129 aircraft.  Volaris offers over 550 daily departures connecting 43 cities in Mexico and 28 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

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