Sun Country Airlines achieved historic second quarter (Q2) results with $21 million net income, a significant increase from last year's $4 million loss reporting its most profitable second quarter in the last six years. The airline’s operating revenue increases by 19%, driven by a 2.7% increase in average fare compared to last year.
Commenting on the results, Jude Bricker, chief executive, Sun Country Airlines said: “Sun Country had a historically strong second quarter, in what is typically a seasonally weaker quarter for us."
The airline’s total operating revenue was reported as $261 million with an increase of 19% as compared to last year. This was largely due to the total average fare increasing by 2.7% compared to the second quarter of 2022.
Dave Davis, chief financial officer, Sun Country said: “During the quarter, revenue growth continued across our scheduled service, charter, and cargo businesses, and the second quarter was our eighth consecutive quarter where year-over-year total revenue growth has exceeded total block hour growth."
The airline repurchased over 415,000 shares of its stock at an average price of $17.82. The Sun Country board of directors also approved $30 million more of buyback authority for the future.
Additionally, the airline added new destinations from Milwaukee Mitchell International Airport (MKE). These new routes are to Orlando International Airport (MCO) and Phoenix Sky Harbor International Airport (PHX). The airline also increased its frequency of flights to Cancun International Airport (CUN) from Milwaukee