Mesa Air Group Reports Q2 Fiscal 2024 Results

DENVER, Colo., Jun 18, 2024 (247marketnews.com)- Mesa Air Group, Inc. (NASDAQ:MESA) reported its fiscal 2024 second quarter financial and operating results.

The second quarter highlights include total operating revenues of $131.6 million and adjusted net income of $6.3 million, or $0.15 per diluted share

Mesa Air’s Chairman and CEO, Jonathan Ornstein, commented, “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.

“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.”

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