CTTRF - Controladora Vuela Compañía de Aviación misses Q2 top and bottom line estimates; updates FY23 outlook

2023-07-25 01:47:01 ET

• Controladora Vuela Compañía de Aviación, S.A.B. de C.V. press release ( NYSE: VLRS ): Q2 GAAP EPADS of $0.05 misses by $0.16 .
• Revenue of $782M (+13.2% Y/Y) misses by $34.13M .
• Total revenue per available seat mile decreased 4.2% to $7.92 cents.
• Available seat miles increased 18% to 9.9 billion.
• EBITDAR of $212 million, a 98% increase.
• EBITDAR margin was 27.1%, an increase of 11.5 percentage points.
• Cash, cash equivalents, and restricted cash position totaled $655 million, representing 21% of the last twelve months’ total operating revenue.
• Net debt-to-LTM EBITDAR ratio of 3.5 times, compared to 3.8 times in the first quarter of 2023.
• 2023 Guidance: ASM growth of ~13%; Total operating revenues of $3.2 to $3.4 billion; CASM ex fuel of $4.7 to $4.8 cents; EBITDAR margin of 29% to 31%; Net debt-EBITDAR ratio of ~2.8x.
• For the full year 2023, CAPEX is expected to be approximately $300 million, net of financed fleet predelivery payments.

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