Frontier Reports Fourth-Quarter & Overall 2023 Performance

Frontier Reports Fourth-Quarter & Overall 2023 Performance
Alan Wilson from Stilton, Peterborough, Cambs, UK, CC BY-SA 2.0 , via Wikimedia Commons

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…


Frontier Reports Fourth-Quarter & Overall 2023 Performance
Alan Wilson from Stilton, Peterborough, Cambs, UK, CC BY-SA 2.0 https://creativecommons.org/licenses/by-sa/2.0, via Wikimedia Commons

Etihad affiliate link banner

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.

Did you know AviationSource has two newsletters? One covers the general news and analysis of the industry as a whole, and the other to do with emergencies that take place throughout the year! To subscribe to our General News Newsletter, CLICK HERE!
To subscribe to our Emergencies, Accidents & Incidents Newsletter, CLICK HERE!

Click the photo to join our WhatsApp channel so then you can stay up to date with everything going on in the aviation industry!

TAGGED:

New bird strike measure to be trialled a 3 Kansai airports

'Bird Sonic', a new sonic bird strike mitigation device, is to be trialled at 3 Kansai Airports - Kansai, Osaka

Len Varley By Len Varley

Auckland Airport soars on travel rebound amid challenges

1H24 results for Auckland Airport were a mixed bag, showing soaring international travel demand set against passenger processing challenges.

Len Varley By Len Varley

Shanghai Airports record record traffic during Chunyun

Shanghai Airports have recorded record passenger traffic during this year's Chinese Spring Festival peak travel period.

Len Varley By Len Varley

Charlottetown Airport unveils first Sustainability Plan

The first ever Sustainability Plan aimed at mitigating the environmental impact of YYG Charlottetown Airport’s operations has been released.

Len Varley By Len Varley
You Might Also Enjoy