Virgin America Tops Q1 Expectations

reported better-than-expected financial results for the first quarter. The Burlingame, California-based company reported quarterly net income of $12.8 million, or $0.29 per share, versus a year-ago loss of $22.4 million, or $31.86 per share. Earnings, excluding special items, came in at $0.24 per share. Its total operating revenue climbed 4.1 percent year-over-year to $326.4 million. However, analysts were expecting a profit of $0.14 per share on revenue of $322.15 million. The average estimate among 6 Estimize users was for earnings of $0.26 per share and revenue of $331.93 million. Passenger revenue per available seat mile rose 2.6 percent to 10.27 cents. Available seat miles for the first quarter rose 1.5 percent year-over-year. As of March 31, 2015, the company had unrestricted cash of $418.3 million. For the second quarter, Virgin America projects capacity to drop by around 0.0 percent to 1.0 percent versus the year-ago quarter. It also expects PRASM to decline 0.0 percent to 2.0 percent year-over-year. Virgin America shares rose 3 percent to $31.36 at 9:45 a.m. ET.