Mesa Airlines(US:MESA) Globenewswire·2025-05-14 11:00Core Insights - Mesa Air Group reported its fourth quarter and full-year financial results for fiscal 2024, highlighting a merger with Republic Airways to enhance operational efficiency and shareholder value [3][4]. Financial Performance - Total operating revenues for Q4 2024 were $115.3 million, a slight increase of $0.9 million from Q4 2023 [4]. - The company experienced a pre-tax loss of $24.5 million and a net loss of $24.9 million, translating to $(0.60) per diluted share [4][8]. - Adjusted net loss for Q4 2024 was $0.1 million, or $(0.00) per diluted share, compared to an adjusted net loss of $26.4 million, or $(0.64) per diluted share in Q4 2023 [8]. - For fiscal full-year 2024, total operating revenues were $476.4 million, down $21.7 million, or 4.3%, from $498.1 million in fiscal 2023 [11]. - The adjusted EBITDA for Q4 2024 was $14.7 million, compared to an adjusted EBITDA loss of $2.9 million for Q4 2023 [9]. Operational Highlights - The company operated at a controllable completion factor of 99.88% for United Airlines in Q4 2024, an improvement from 99.54% in Q4 2023 [10]. - Mesa exclusively flew E-175 aircraft as of February 2025, enhancing operational efficiency [3]. - The average block hours per day increased from 8.9 in December 2024 to an anticipated 9.8 in June 2025 [4]. Asset Transactions - Mesa completed the sale of 18 E-175 aircraft to United Airlines for gross proceeds of $227.7 million, with net proceeds of $84.7 million after debt repayment [4]. - The company also agreed to sell remaining surplus CRJ-900 airframes and engines for total gross proceeds of $44.8 million [4]. Balance Sheet and Liquidity - As of March 31, 2025, Mesa had $54.1 million in unrestricted cash and cash equivalents, with total debt of $315.2 million [18]. - The company ended the September quarter with $15.6 million in unrestricted cash, down from $32.9 million in the previous year [17].