Azul Stock Gains After Q3 Results, Clocks Sequential Revenue Growth Of 60%

  • Azul SA AZUL reported third-quarter operating revenue of R$2.72 billion, an increase of 59.6% quarter over quarter, and a decline of 10.3% compared to 3Q19.
  • Azul Cargo revenue increased 135% year over two years, driven by strong demand for logistics solutions and exclusive network.
  • TudoAzul ended the quarter with more than 13.4 million members and a 31% increase in gross billings ex-Azul compared to 3Q19.
  • Adjusted EPS loss narrowed to R$(1.89) from R$(2.93) in Q2. Adjusted EPADR was $(1.08) versus $(1.66) in Q2.
  • RASK and PRASK increased 12.5% and 19.4% respectively quarter over quarter, driven by the strong domestic demand recovery, which increased fares.
  • CASK reached 29.8 cents, down 13.5% quarter over quarter. CASK ex-fuel reduced 19.6% in the quarter.
  • Azul generated a positive operating income of R$136.3 million in the quarter and a margin of 5%.
  • Passenger revenue increased 69.3%, with a domestic capacity increase of 43.1% quarter over quarter.
  • EBITDA was R$485.6 million, compared to R$(50.9) million in Q2 and R$935.8 million in 3Q19. And the margin was 17.9%.
  • Net cash provided used in operating activities for the quarter totaled R$69.8 million, compared to cash provided of R$208.5 million a year ago.
  • Total liquidity, including long-term investments and receivables, maintenance reserves, and deposits, reached R$8.3 billion at the end of the quarter.
  • Azul’s fleet totaled 160 operating aircraft, including 60 next-generation aircraft.
  • Price Action: AZUL shares are trading higher by 11.1% at $16.13 on the last check Thursday.
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