Frontier Group Holdings, Inc. Reports Strong Financial Results

Denver, Oct. 29, 2024 /PRNewswire/

Financial Highlights:

Total operating revenues for the third quarter of 2024 reached $935 million, showing a 6 percent increase compared to the same period in 2023. This growth was driven by a 4 percent increase in capacity, showcasing Frontier Group Holdings, Inc.’s continued success in the market. Revenue per available seat mile also saw a positive trend, reaching 9.28 cents, which is 2 percent higher than the third quarter of 2023.

However, RASM on a stage-length adjusted basis to 1,000 miles saw a slight decrease of 5 percent compared to the previous year. On the cost side, cost per available seat mile was reduced by 6 percent to 9.10 cents in the third quarter of 2024. Adjusted CASM, excluding fuel, was 6.89 cents, representing a 4 percent decrease from 2023.

Company Initiatives and Achievements:

Frontier Group Holdings, Inc. closed a new revolving credit facility, enhancing liquidity by $205 million as of September 30, 2024. The company also expanded its total PDP financing capacity, securing funding for aircraft deliveries through 2028. With the delivery of five A321neo aircraft during the third quarter, Frontier continues to modernize its fleet, with 81 percent now comprised of fuel-efficient A320neo family aircraft.

Frontier’s commitment to sustainability is evident in its operational efficiency, generating 103 available seat miles per gallon and solidifying its position as “America’s Greenest Airline.” The company also announced the addition of 33 new routes, including the return of Washington Dulles and the launch of a new station in Vail/Eagle County, CO.

CEO Barry Biffle’s Statement:

“Our revenue and network initiatives began to overcome oversupplied industry capacity as evidenced by RASM which inflected positive by mid-August,” commented Barry Biffle, Chief Executive Officer of Frontier Group Holdings, Inc. The company’s strategic efforts and financial performance in the third quarter position it well for future growth and success.

Impact on Individuals:

As a consumer, you can expect Frontier Airlines to continue enhancing its services and expanding its route network, providing more options for affordable and efficient travel. The company’s focus on sustainability also benefits passengers by promoting environmentally friendly travel practices.

Global Impact:

Frontier Group Holdings, Inc.’s financial success and commitment to sustainability set a positive example for the aviation industry as a whole. By prioritizing efficiency and modernization, Frontier contributes to reducing the environmental impact of air travel on a global scale.

Conclusion:

Frontier Group Holdings, Inc.’s strong financial results and strategic initiatives in the third quarter of 2024 demonstrate the company’s resilience and forward-thinking approach. With a focus on revenue growth, network expansion, and sustainability, Frontier is well-positioned to continue its success in the aviation industry.