NASDAQ$SNCY
Sun Country Airlines Holdings Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Sun Country Airlines reported record Q1 2023 revenue, GAAP diluted EPS, and operating income.
Sun Country Airlines reported a strong first quarter in 2023, with record revenue of $294 million, a 29.8% increase year-over-year. GAAP diluted EPS reached $0.64, and operating income was $56 million, both also record highs. The company saw a 20.8% increase in total average fare and an 8.6 percentage point gain in load factor compared to the first quarter of 2022.
- Total operating revenue increased by 29.8% year-over-year, reaching $294.1 million.
- GAAP operating income increased by 155.5% year-over-year, reaching $55.8 million.
- Net income increased significantly by 953.8% year-over-year, reaching $38.3 million.
- Adjusted diluted earnings per share increased by 240.0% year-over-year, reaching $0.68.
Headline financials
Revenue & EPS history
Sun Country Airlines · Revenue · Quarterly
$294M
Revenue by segment
Sun Country Airlines · $561M total across 6 segments · Q1 2023
- Passenger$267M—47.6%
- Scheduled Service$153M—27.2%
- Ancillary$68.4M—12.2%
- Charter Service$46.2M+40.0%8.2%
- Cargo$23.4M+11.2%4.2%
- Other$3.49M—0.6%
Forward guidance
Sun Country Airlines provided guidance for the second quarter of 2023, expecting total revenue between $255 million and $265 million and an operating income margin between 11% and 16%.
Tailwinds
- Total revenue is expected to increase by 16% to 21% compared to Q2 2022.
- Operating income margin is projected to be between 11% and 16%, a 9 to 14 percentage point increase from Q2 2022.
- Total system block hours are expected to increase by 11% to 14% compared to Q2 2022.
- Economic fuel cost per gallon is estimated to be $2.85, a 35% decrease year-over-year.
- The company anticipates pressure on non-fuel CASM to ease during the year.
Headwinds
- Effective tax rate is expected to be 23%.
- Decreased aircraft utilization levels negatively impacted unit costs in Q1.
- The company is normalizing its aircraft utilization.
- The company expects to pursue more ad-hoc charter flying.
- Second quarter guidance not as high as Q1 results.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2023
-0.5%
Avg return
Earnings day
-0.2%
Avg return
5 days after
-1.7%
Avg return
30 days after
65%
17 / 26 earnings
Positive
+13.3%
Q3 2022
Best reaction
-22.0%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.4% | +6.8% | — | |
| Q4 2025 | +12.6% | +7.6% | -16.3% | |
| Q3 2025 | +6.5% | +12.4% | +29.1% | |
| Q2 2025 | -11.0% | -8.9% | +14.3% | |
| Q1 2025 | +0.3% | +14.7% | +18.2% | |
| Q4 2024 | -0.9% | +8.3% | -8.0% | |
| Q3 2024 | +11.7% | +14.6% | +14.4% | |
| Q2 2024 | -15.8% | -18.0% | -16.2% | |
| Q1 2024 | -19.3% | -18.1% | -25.3% | |
| Q4 2023 | +6.3% | +1.0% | +8.8% | |
| Q3 2023 | -3.6% | -2.9% | +32.3% | |
| Q2 2023 | -22.0% | -24.8% | -29.1% | |
| Q1 2023 | +8.1% | -2.6% | +0.7% | |
| Q4 2022 | +12.5% | +13.1% | +8.3% | |
| Q3 2022 | +13.3% | +16.3% | +24.1% | |
| Q2 2022 | -10.9% | -4.9% | +0.4% | |
| Q1 2022 | -11.5% | -15.8% | -26.2% | |
| Q4 2021 | +4.2% | +8.6% | -7.9% | |
| Q3 2020 | +1.0% | +8.2% | -15.6% | |
| Q3 2021 | +1.0% | +8.2% | -15.6% | |
| Q2 2020 | +0.4% | -4.8% | -4.3% | |
| Q2 2021 | +0.4% | -4.8% | -4.3% | |
| Q1 2020 | +1.9% | -5.9% | -6.5% | |
| Q4 2020 | +1.9% | -5.9% | -6.5% | |
| Q4 2019 | +1.9% | -5.9% | -6.5% | |
| Q1 2021 | -4.5% | -2.0% | -3.5% | |
| Q1 2019 | — | — | — | |
| Q1 2018 | — | — | — |
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