Frontier Airlines has this week reported their fourth-quarter & overall 2023 performance, which highlights improved financials.
The carrier, whilst having improved financials in certain areas, has also experienced slight drops in elements such as revenue, with profitability still a key area that they are working on.
Without further ado, let’s get into it…
Frontier Reports Fourth-Quarter & Overall 2023 Performance…
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Below is the financial results for Frontier Airlines in both the fourth-quarter of 2023, but for the overall year as well:
| Three Months Ended December 31, | |||||||||||||||
| 2023 | 2022 | ||||||||||||||
| As Reported (GAAP) | Adjusted (Non-GAAP) | As Reported (GAAP) | Adjusted (Non-GAAP) | ||||||||||||
| Total operating revenues | $ | 891 | $ | 891 | $ | 906 | $ | 906 | |||||||
| Total operating expenses | $ | 894 | $ | 893 | $ | 861 | $ | 859 | |||||||
| Pre-tax income (loss) | $ | 6 | $ | 7 | $ | 50 | $ | 52 | |||||||
| Pre-tax income (loss) margin | 0.7% | 0.8% | 5.5% | 5.7% | |||||||||||
| Net income (loss) | $ | (37) | $ | 1 | $ | 40 | $ | 39 | |||||||
| Diluted earnings (loss) per share | $ | (0.17) | $ | — | $ | 0.18 | $ | 0.17 | |||||||
| Year Ended December 31, | |||||||||||||||
| 2023 | 2022 | ||||||||||||||
| As Reported (GAAP) | Adjusted (Non-GAAP) | As Reported (GAAP) | Adjusted (Non-GAAP) | ||||||||||||
| Total operating revenues | $ | 3,589 | $ | 3,589 | $ | 3,326 | $ | 3,326 | |||||||
| Total operating expenses | $ | 3,592 | $ | 3,590 | $ | 3,371 | $ | 3,352 | |||||||
| Pre-tax income (loss) | $ | 32 | $ | 34 | $ | (45) | $ | (19) | |||||||
| Pre-tax income (loss) margin | 0.9% | 0.9% | (1.4)% | (0.6)% | |||||||||||
| Net income (loss) | $ | (11) | $ | 28 | $ | (37) | $ | (17) | |||||||
| Diluted earnings (loss) per share | $ | (0.05) | $ | 0.12 | $ | (0.17) | $ | (0.08) | |||||||
Commenting on this further was Barry Biffle, Chief Executive Officer of Frontier Airlines:
“Fourth quarter results significantly outperformed guidance on strong operational performance and cost execution, providing a solid foundation as we enter 2024″.
“Leveraging this momentum, we intend to expand profitability in 2024 by executing on our network simplification plan, focusing growth on overpriced and underserved markets, further diversifying our revenue stream, enhancing customer engagement, and further lowering our unit costs.”
“I’m proud of Team Frontier for their outstanding performance and for their commitment to deliver Low Fares Done Right.”
Looking ahead, all eyes will be on how 2024 performs for the airline, with more needed to expand on the improvements made over the last 12 months.
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