{"id":728381,"date":"2023-02-02T16:15:44","date_gmt":"2023-02-02T21:15:44","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/sun-country-airlines-reports-fourth-quarter-and-full-year-2022-results\/"},"modified":"2023-02-02T16:15:44","modified_gmt":"2023-02-02T21:15:44","slug":"sun-country-airlines-reports-fourth-quarter-and-full-year-2022-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sun-country-airlines-reports-fourth-quarter-and-full-year-2022-results\/","title":{"rendered":"Sun Country Airlines Reports Fourth Quarter and Full Year 2022 Results"},"content":{"rendered":"
\n

Q4 2022 GAAP diluted EPS of $0.12 and operating margin of 6.7%
Q4 2022 Adjusted diluted EPS of $0.13(1) <\/sup>and adjusted operating margin of 7.0%(1)
<\/sup>FY 2022 GAAP diluted EPS of $0.29 and operating margin of 6.2%
FY 2022 Adjusted diluted EPS of $0.42(1) <\/sup>and adjusted operating margin of 6.5%(1)<\/sup><\/p>\n

MINNEAPOLIS, Feb. 02, 2023 (GLOBE NEWSWIRE) — Sun Country Airlines Holdings, Inc. (\u201cSun Country Airlines,\u201d \u201cSun Country,\u201d the \u201cCompany\u201d) (NASDAQ: SNCY) today reported financial results for its fourth quarter and full year ended December\u00a031, 2022.<\/p>\n

\u201cThank you to the entire Sun Country team for a successful 2022,\u201d said Jude Bricker, Chief Executive Officer of Sun Country. \u201cOur unique and diversified business model continued to produce strong results in the face of significant industry challenges, as we grew year-over-year revenue by 43.6% to $894.4 million, a record high for Sun Country. Despite constraints on our growth, the impact of Omicron in Q1 and a 71% increase in fuel prices versus 2021, we produced a GAAP pre-tax margin of 2.7% and an adjusted pre-tax margin of 3.7% for the year while growing scheduled service block hours nearly 18%. Over the important holiday travel season, our operations team produced the industry\u2019s highest completion factor of 99.3%. We are very optimistic about 2023, as we continue to see strong bookings, unit revenues and earnings growth heading into Q1.\u201d<\/p>\n

\n Overview of Fourth Quarter and Full Year<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (unaudited) (in millions, except per share amounts)<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n\n 2021<\/strong>
\n
\n (7)<\/strong>
\n <\/sup>\n <\/td>\n		\n % Change<\/strong>\n <\/td>\n<\/tr>\n
Total Operating Revenue<\/td>\n$<\/td>\n227.2<\/td>\n$<\/td>\n172.6<\/td>\n\u00a0<\/td>\n31.6<\/td>\n<\/tr>\n
Operating Income<\/td>\n\u00a0<\/td>\n15.1<\/td>\n\u00a0<\/td>\n10.2<\/td>\n\u00a0<\/td>\n48.0<\/td>\n<\/tr>\n
Income (Loss) Before Income Tax<\/td>\n\u00a0<\/td>\n9.5<\/td>\n\u00a0<\/td>\n(0.4<\/td>\n)<\/td>\nNM<\/td>\n<\/tr>\n
Net Income (Loss)<\/td>\n\u00a0<\/td>\n7.3<\/td>\n\u00a0<\/td>\n(1.1<\/td>\n)<\/td>\nNM<\/td>\n<\/tr>\n
Diluted earnings (Loss) per share<\/td>\n$<\/td>\n0.12<\/td>\n$<\/td>\n(0.02<\/td>\n)<\/td>\nNM<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (unaudited) (in millions, except per share amounts)<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n\n 2021<\/strong>
\n
\n (7)<\/strong>
\n <\/sup>\n <\/td>\n		\n % Change<\/strong>\n <\/td>\n<\/tr>\n
Adjusted Operating Income(1)<\/sup><\/td>\n$<\/td>\n15.9<\/td>\n$<\/td>\n14.2<\/td>\n12.0<\/td>\n<\/tr>\n
Adjusted Income Before Income Tax(1)<\/sup><\/td>\n\u00a0<\/td>\n10.3<\/td>\n\u00a0<\/td>\n7.4<\/td>\n39.2<\/td>\n<\/tr>\n
Adjusted Net Income(1)<\/sup><\/td>\n\u00a0<\/td>\n7.9<\/td>\n\u00a0<\/td>\n5.8<\/td>\n36.2<\/td>\n<\/tr>\n
Adjusted diluted earnings per share(1)<\/sup><\/td>\n$<\/td>\n0.13<\/td>\n$<\/td>\n0.09<\/td>\n44.4<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Year Ended December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (unaudited) (in millions, except per share amounts)<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n\n 2021<\/strong>
\n
\n (7)<\/strong>
\n <\/sup>\n <\/td>\n		\n % Change<\/strong>\n <\/td>\n<\/tr>\n
Total Operating Revenue<\/td>\n$<\/td>\n894.4<\/td>\n$<\/td>\n623.0<\/td>\n43.6<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating Income<\/td>\n\u00a0<\/td>\n55.7<\/td>\n\u00a0<\/td>\n111.9<\/td>\n(50.2<\/td>\n)<\/td>\n<\/tr>\n
Income Before Income Tax<\/td>\n\u00a0<\/td>\n24.0<\/td>\n\u00a0<\/td>\n100.3<\/td>\n(76.1<\/td>\n)<\/td>\n<\/tr>\n
Net Income<\/td>\n\u00a0<\/td>\n17.7<\/td>\n\u00a0<\/td>\n81.2<\/td>\n(78.2<\/td>\n)<\/td>\n<\/tr>\n
Diluted earnings per share<\/td>\n$<\/td>\n0.29<\/td>\n$<\/td>\n1.37<\/td>\n(78.8<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Year Ended December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (unaudited) (in millions, except per share amounts)<\/strong>\n <\/td>\n\u00a02022<\/strong><\/td>\n\n 2021<\/strong>
\n
\n (7)<\/strong>
\n <\/sup>\n <\/td>\n		\n % Change<\/strong>\n <\/td>\n<\/tr>\n
Adjusted Operating Income (1)<\/sup><\/td>\n$<\/td>\n58.5<\/td>\n$<\/td>\n48.4<\/td>\n20.9<\/td>\n<\/tr>\n
Adjusted Income Before Income Tax (1)<\/sup><\/td>\n\u00a0<\/td>\n33.0<\/td>\n\u00a0<\/td>\n23.4<\/td>\n41.0<\/td>\n<\/tr>\n
Adjusted Net Income (1)<\/sup><\/td>\n\u00a0<\/td>\n25.8<\/td>\n\u00a0<\/td>\n18.2<\/td>\n41.8<\/td>\n<\/tr>\n
Adjusted diluted earnings per share (1)<\/sup><\/td>\n$<\/td>\n0.42<\/td>\n$<\/td>\n0.31<\/td>\n35.5<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

For the quarter ended December\u00a031, 2022, Sun Country reported Income Before Income Tax of $9.5 million and Net Income of $7.3 million, on $227.2 million of revenue. Adjusted Income Before Income Tax for the quarter was $10.3 million(1)<\/sup>. GAAP Operating Income during the quarter was $15 million, producing an Operating Margin of 6.7%, while Adjusted Operating Income was $15.9 million(1)<\/sup>, resulting in an Adjusted Operating Income Margin of 7.0%(1)<\/sup>.<\/p>\n

\u201cFourth quarter demand continued to remain strong,\u201d said Dave Davis, President and Chief Financial Officer. \u201cBoth revenue and Adjusted Operating Margin were near the high end of our guidance. Scheduled service TRASM(3)<\/sup> increased 27.3% year over year while we grew scheduled service ASMs 13.6% in the same period. We have continued to prudently grow our airline as we have overcome supply chain challenges and the complexities of implementing a new pilot agreement. Our passenger fleet count increased 16.7% in 2022 and we ended the year with 571 pilots, which is 25% higher than 2021. Adjusted CASM grew 8.6%(1)<\/sup> in 2022 due largely to the implementation of a new labor agreement and constraints on our growth that resulted in less-than-planned capacity. We expect these pressures to moderate substantially in 2023.\u201d<\/p>\n

\n Notable Highlights <\/strong>\n <\/p>\n