Virgin America (VA) Tops Q1 EPS by 10c

Virgin America (NASDAQ: VA) reported Q1 EPS of $0.24, $0.10 better than the analyst estimate of $0.14. Revenue for the quarter came in at $326.4 million versus the consensus estimate of $322.15 million.

• Revenue per Available Seat Mile (RASM): Passenger revenue per available seat mile (PRASM) increased 2.6 percent compared to the first quarter 2014, to 10.27 cents. Year-over-year PRASM growth was driven by a 0.9 point increase in load factor and a 1.4 percent increase in yield. Total RASM increased 2.7 percent year-over-year.
• Cost per Available Seat Mile (CASM): Total CASM excluding special items decreased 5.5 percent compared to the first quarter of 2014, to 11.11 cents. Decreases in fuel costs and reduced heavy maintenance activity contributed to the decline in CASM, partially offset by increases in salaries, wages and benefits. Salaries, wages and benefits costs included a $2.1 million accrual for teammate profit sharing and payroll taxes related to 2014 profit sharing. CASM excluding special items, fuel costs and profit sharing for the quarter increased 3.0 percent year-over-year, to 7.82 cents.

"Virgin America continues to perform exceptionally well, achieving net income of $10.5 million excluding special items in the first quarter of 2015," said David Cush, Virgin America's President and Chief Executive Officer. "This marks the tenth consecutive quarter of year-over-year improvement in our financial performance, off the back of a record year of profitability in 2014. This is a testament to our business model, our product and Teammates who delivered an outstanding experience for our guests."

For earnings history and earnings-related data on Virgin America (VA) click here.

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