Republic Airways Holding (RJET) Load Factor Rose 2 Points in June; Boosts Q2 EPS Outlook
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Total operating expenses: 239.5M
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Republic Airways Holding (Nasdaq: RJET) reported preliminary passenger traffic results for June 2014 and updated its 2nd quarter 2014 financial guidance.
The Company generated more than 1 billion revenue passenger miles (RPMs) in June, a 16% increase over the same period in 2013, on a 13% increase in available seat miles (ASMs). Block hours increased 5%, and the load factor increased two percentage points from the same period in 2013. The Company continues to replace smaller regional jets with larger capacity E175s. Republic Airways carried more than 2 million passengers, an 8% increase compared to June 2013.
| June | ||||||||||||
| 2014 | 2013 | |||||||||||
| Total | Total | Change | ||||||||||
| RPMs (000s) | 1,036,653 | 896,734 | 16% | |||||||||
| ASMs (000s) | 1,257,099 | 1,109,748 | 13% | |||||||||
| Block Hrs | 64,901 | 62,008 | 5% | |||||||||
| LF % | 82.5% | 80.8% | 2 pts | |||||||||
| Passengers | 2,023,355 | 1,867,806 | 8% | |||||||||
| Departures | 36,121 | 36,467 | -1% | |||||||||
| Quarter to Date | ||||||||||||
| 2014 | 2013 | |||||||||||
| Total | Total | Change | ||||||||||
| RPMs (000s) | 3,035,968 | 2,618,701 | 16% | |||||||||
| ASMs (000s) | 3,714,947 | 3,338,175 | 11% | |||||||||
| Block Hrs | 191,748 | 187,087 | 2% | |||||||||
| LF % | 81.7% | 78.4% | 3 pts | |||||||||
| Passengers | 5,899,696 | 5,505,182 | 7% | |||||||||
| Departures | 106,499 | 110,399 | -4% | |||||||||
| Year to Date | ||||||||||||
| 2014 | 2013 | |||||||||||
| Total | Total | Change | ||||||||||
| RPMs (000s) | 5,601,606 | 4,913,161 | 14% | |||||||||
| ASMs (000s) | 7,081,209 | 6,505,897 | 9% | |||||||||
| Block Hrs | 377,361 | 364,666 | 3% | |||||||||
| LF % | 79.1% | 75.5% | 4 pts | |||||||||
| Passengers | 11,038,416 | 10,285,323 | 7% | |||||||||
| Departures | 209,848 | 213,023 | -1% | |||||||||
The Company’s updated financial guidance for the 2nd quarter 2014 is as follows:
| Previous | Revised | |||
| ($ in millions, except per share amounts) | 2Q 2014 Guidance | 2Q 2014 Guidance | ||
| Operating revenues | $340 to $350 | no change | ||
| Pre-tax margin % | 7.5% to 8.5% | 8.5% to 9.5% | ||
| Diluted earnings per share | $0.30 to $0.35 | $0.35 to $0.40 | ||
| Unrestricted cash | $250 to $255 | ~ $260 |
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