Strong revenue growth, rigorous cost discipline and record December margins contributed to the airline’s Q4 2023 earnings milestone
Avelo soars into 2024 with continued industry-leading reliability
HOUSTON, Feb. 22, 2024 /PRNewswire/ — As Avelo Airlines approaches the third anniversary of its first flight, the company announced today it completed 2023 with strong year-over-year revenue growth, its first-ever profitable quarter, and one of the lowest cost structures in the U.S. airline industry.
Financial Highlights:
In 2023, Avelo flew 2.3 million Customers, generating $265 million in revenue – up 74% from 2022.
Avelo concluded 2023 with a pre-tax fully allocated profit for its fourth quarter.
Despite ongoing high fuel prices, Avelo’s record monthly pre-tax margin in December 2023 contributed to the company’s Q4 earnings milestone.
For the full year 2023, Avelo improved its pretax margin by 15 percentage points compared to 2022.
Avelo Airlines Founder, Chairman and CEO Andrew Levy said, “Achieving our first profitable quarter is an exciting and significant milestone in Avelo’s journey. I am confident Avelo’s strong liquidity position, ongoing margin improvement, healthy revenue outlook, industry-leading reliability, and rigorous cost discipline will deliver our first profitable year in 2024. As we approach Avelo’s third anniversary, I am very bullish about our future and the substantial opportunities ahead of us. I am especially appreciative of our dedicated 1,000 Avelo …