Avelo Airlines has today reported it’s first-ever profitable quarter, as the airline approaches three years of commercial operations.
This comes on top of the airline improving it’s pre-tax margin in 2023 by 15%, as growth at the carrier continues.
Without further ado, let’s get into it…
Avelo Airlines Reports First Ever Profitable Quarter…
2023 saw Avelo Airlines handle 2.3m passengers, which generated around $265m in revenue, which is 74% higher than in 2022.
This is using a fleet of 16 Boeing 737 aircraft, with the carrier expected to grow by another five jets by the end of this year.
Avelo Airlines Founder, Chairman and CEO Andrew Levy had this to say on the results:
“Achieving our first profitable quarter is an exciting and significant milestone in Avelo’s journey.”
“I am confident Avelo’s strong liquidity position, ongoing margin improvement, healthy revenue outlook, industry-leading reliability, and rigorous cost discipline will deliver our first profitable year in 2024.”
“As we approach Avelo’s third anniversary, I am very bullish about our future and the substantial opportunities ahead of us.”
“I am especially appreciative of our dedicated 1,000 Avelo Crewmembers whose One Crew teamwork and friendly Customer focus will ensure Avelo continues to thrive in 2024 and beyond.”
With strong plans for this year already on the agenda, all eyes will be on how the airline progresses throughout 2024 and beyond.
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