Mesa Air Group Reports Second Quarter Fiscal 2024 Results

Financial Performance - Total operating revenues for Q2 2024 were $131.6 million, an increase of $9.7 million or 8.0% from $121.8 million in Q2 2023 [13][26] - Pre-tax income was $11.7 million, with net income also at $11.7 million or $0.28 per diluted share, compared to a net loss of $35.1 million or $(0.88) per diluted share in Q2 2023 [26][12] - Adjusted net income for Q2 2024 was $6.3 million or $0.15 per diluted share, versus an adjusted net loss of $21.3 million or $(0.53) per diluted share in Q2 2023 [26][12] Operational Highlights - Mesa Air Group operated a fleet of 80 aircraft with approximately 263 daily departures, providing scheduled passenger service to 79 cities [2] - The controllable completion factor was 99.85% for Q2 2024, compared to 99.63% in Q2 2023 [27][20] - The company reported a significant improvement in adjusted EBITDA, reaching $26.8 million for Q2 2024, compared to $7.1 million in Q2 2023 [3][26] Cost Management - Total operating expenses in Q2 2024 were $119.9 million, a decrease of $28.8 million or 19.3% from $148.7 million in Q2 2023 [6][12] - The decrease in operating expenses was primarily due to lower asset impairment losses, depreciation and amortization expenses, and flight operations expenses [6][12] - Mesa has reduced its total debt by $221.5 million or 36% over the past year, ending Q2 2024 with $400 million in total debt [12][28] Future Outlook - The company expects to remain cash-flow neutral for the remainder of the fiscal year while transitioning to higher-margin E-175 flying [6] - Mesa anticipates returning to consistent profitability in the future, supported by an optimized asset base and a strong pilot pipeline [6][12]