Second Quarter 2023 Highlights
(All figures are reported in U.S. dollars and compared to 2Q 2022 unless otherwise noted)
Total operating revenues of $782 million, a 13% increase.
Total revenue per available seat mile (TRASM) decreased 4.2% to $7.92 cents.
Available seat miles (ASMs) increased 18% to 9.9 billion.
Total operating expenses of $731 million, representing 93% of total operating revenue, a decrease of 9.3 percentage points.
Total operating expenses per available seat mile (CASM) decreased 13% to $7.40 cents.
Average economic fuel cost decreased 38% to $2.70 per gallon.
CASM ex fuel increased 15% to $4.82 cents.
Adjusted CASM ex fuel increased 10% to $4.43 cents.
Net income of $6 million. Earnings per share of $0.00 and earnings per ADS of $0.05 cents.
EBITDAR of $212 million, a 98% increase.
EBITDAR margin was 27.1%, an increase of 11.5 percentage points.
Cash, cash equivalents, and restricted cash position totaled $655 million, representing 21% of the last twelve months’ total operating revenue.
Net debt-to-LTM EBITDAR ratio of 3.5 times, compared to 3.8 times in the first quarter of 2023.
Enrique Beltranena, President & Chief Executive Officer said: “The company's second-quarter results are in line with our full-year outlook, boosted by lower jet fuel costs and a stronger Mexican Peso. We will continue to focus on delivering Total Operating Revenues between 3.2 and 3.4 billion dollars and an EBITDAR margin of 29% to 31% percent. Additionally, the solid bookings for the upcoming summer months further validate the resilience of the VFR passenger base in Mexico and the robust demand in Central America and the United States. As we eagerly await the return of Mexico's Category 1 status, we anticipate growth opportunities that align with our strategic network changes and capacity optimization efforts, ultimately bolstering network profitability and reinforcing our position in the market.”
1 The financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS).
Mr. Beltranena continued: For the second half of the year, the seasonally stronger semester, we are looking forward to several top-line tailwinds, including solid booking curves, stable international fares, a return of CAT 1, strong Central American growth, a more solid domestic network, and a ramp-up of ancillary projects.”
Tags: Enrique Beltranena, second-quarter results 2023, Volaris
