Thursday, June 20, 2024 Mesa Air Group, Inc. (NASDAQ: MESA) Releases Second Quarter Fiscal 2024 Financial and Operating Results Second Quarter Fiscal 2024 Highlights: Additional Updates: “Our second quarter results have begun to demonstrate an improvement in our business and reflect our efforts over the past year-and-a-half to restructure and strengthen our operations, P&L, and balance sheet,” said Jonathan Ornstein, Chairman and CEO. “Given meaningfully improved block-hour rates on our E-175 flying, coupled with our initiatives to eliminate surplus CRJ assets, we achieved our first GAAP and adjusted net profits in 11 quarters, as well as our best adjusted EBITDAR result over that period.
Concurrently, Mesa has reduced its total debt by $221.5 million, or 36%, over the past year. “While we still have work to do as we transition out of our CRJ-900 fleet and build our E-175 flying, we expect to remain cash-flow neutral for the remainder of the fiscal year.
With an optimized asset base, our ongoing transition toward higher-margin E-175 flying, and the continued reduction in pilot attrition and strength in our pilot pipeline, we look forward to returning to consistent profitability in the future.” Detailed Financial Performance: For Q2 2024, Mesa Air Group reported: Net Income and Adjustments: Adjusted EBITDA and EBITDAR: Operational Performance for Q2 2024: Mesa reported a controllable completion factor of 99.85% for United, compared to 99.
63% in Q2 2023. Approximately.
