Volaris reports Q1 EPS 29c, consensus (14c)

Reports Q1 revenue $768M, consensus $694.6M. Enrique Beltranena, CEO, said: “We are pleased with our business performance as our Volaris team delivered strong first quarter 2024 results. Over the last six months, our primary focus has been directing operations to enhance our customer service and continuing our emphasis on obsessive cost control. Despite the ongoing industry challenges, we continue to execute well and remain focused on delivering shareholder value. The company produced strong results that exceeded expectations. We generated a remarkable increase in TRASM and ancillaries while costs remained controlled. Moreover, Volaris achieved net profitability in the first quarter, posting a net income of $33 million dollars. This marks a significant achievement, as historically, due to seasonality, our first quarters have resulted in net losses; the last time we recorded a net profit in the first quarter was in 2019. Looking forward, booking curves remain solid. As we execute our strategy, we prioritize profitability when allocating capacity and are cautiously optimistic about achieving results in line with our updated guidance.”