Virgin America A320-214 (c/n 4991) N849VA "Fly Bye Baby" arrives at Los Angeles International Airport (LAX/KLAX) on December 19, 2012.
(Photo by Michael Carter)
Virgin America earned net income of $60.1 million in 2014, a significant increase over a net profit of $10.1 million in 2013, marking the airline’s second straight year of profitability after five years of losses following its 2007 launch.
“We achieved record profitability and significantly strengthened our balance sheet by going public,” president and CEO David Cush said. “Both our existing and new investors have shown confidence in our low-cost, high-amenity business model.” The San Francisco-based airline launched an initial public offering (IPO) in November 2014.
Virgin America’s 2014 revenue increased 4.6% year-over-year to $1.49 billion, outpacing a 3.7% rise in expenses to $1.39 billion, producing an operating profit of $96.4 million, up 19.2% over operating income of $80.9 million in 2013. The carrier’s annual aircraft fuel expenses decreased 1.6% to $499.1 million (fourth-quarter fuel expenses were down 4.8% year-over-year). The carrier’s 2014 operating margin was 6.5%, up 0.8 point over an operating margin of 5.7% in 2013.
Virgin America’s 2014 traffic rose 2.6% year-over-year to 10.07 billion RPMs on flat capacity of 12.24 billion ASMs, producing a load factor of 82.3%, up 2.1 points. Yield improved 0.4% to 13.19 cents.
The airline expects to grow capacity 2% to 3% in the 2015 first quarter compared to the 2014 March quarter.
(Aaron Karp - ATWOnline Nws)
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