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Sun Country Airlines Holdings Inc. (SNCY-4.35%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total operating revenues of $1,075,739,000 for 2024, representing a 2% increase from the previous year. This growth was driven by increases in Cargo and Other revenues, despite a slight decline in Passenger revenue.
Passenger revenue decreased by 1% to $914,087,000, impacted by a 9% decrease in total fare per passenger due to increased industry capacity. However, Scheduled Service departures increased by 11%, and Charter revenue grew by 4% due to higher revenue per block hour.
Cargo revenue increased by 7% to $107,174,000, primarily driven by rate escalations under the Amended and Restated Air Transportation Services Agreement with Amazon.
Operating expenses rose by 5% to $969,753,000, with significant increases in Salaries, Wages, and Benefits, Maintenance, and Landing Fees and Airport Rent. The cost of Aircraft Fuel decreased by 4% due to an 11% drop in fuel cost per gallon.
Net income for the year was $52,903,000, down from $72,181,000 in 2023. The decrease was influenced by higher operating expenses and a reduction in interest income.
Sun Country operated a fleet of 63 Boeing 737-NG aircraft as of December 31, 2024, including 45 passenger aircraft and 12 cargo aircraft operated for Amazon. The company also has six aircraft on lease to unaffiliated airlines.
The company continued to manage its operations with a focus on flexibility and cost efficiency, leveraging its hybrid business model across Scheduled Service, Charter, and Cargo operations.
Sun Country's liquidity position includes $205,598,000 in total liquidity as of December 31, 2024, supported by cash, short-term investments, and available credit facilities.
The filing also details various financial agreements, including the reissuance of Class C trust certificates from the 2019-1 EETC and a term loan credit facility used to finance aircraft acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sun Country Airlines Holdings Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.