Sun Country's profits position airline for expansion
Thanks to a rebounding leisure travel market, Sun Country turned a profit last quarter, even before receiving federal coronavirus relief.
Why it matters: Sun Country's health means the airline is poised to grow and add new routes that serve travelers in the Twin Cities.
Driving the news: The local airline, which went public earlier this year, reported its second-ever quarterly earnings Wednesday.
The big picture: At a time when many airlines would be bleeding money without federal help, Sun Country posted a $5.4 million profit from operations, which came prior to a $39.4 million coronavirus rescue package grant that drove profits higher.
- CEO Jude Bricker said during an earnings call that advanced bookings are up compared to the same pre-pandemic periods of 2019, which is one reason the airline is predicting profits next quarter, too.
What's ahead: The airline announced 20 new nonstop routes, most of which will begin service by the end of the year.
- It purchased three jets this year — bringing its total fleet to 34 — and is planning to buy even more.
- "We're in late-stage negotiations on several larger aircraft deals," Bricker said on the call.
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