Azul Linhas Aéreas Brasileiras (Azul) has announced record-breaking financial results for the third quarter of 2024. The airline reported an all-time high in operating revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA).
For the quarter, Azul recorded total operating revenue of R$5.1 billion ($879.9 million) and operating expenses of R$4.1 billion ($707.3 million), resulting in an operating margin of 20%. The company's EBITDA reached R$1.6 billion ($276 million), with a margin of 32.2%. Azul's net profit for the quarter was R$360.3 million ($62.1 million). However, after adjustments for unrealized derivative results and foreign currency impacts, the profit turned into a loss of R$203.1 million ($35 million). Over the first nine months of 2024, Azul reported a loss of R$4.6 billion ($793.6 million).
John Rodgerson, CEO of Azul, highlighted that these figures reflect significant recovery from Q2 when operations were affected by seasonal factors and floods in Rio Grande do Sul: “More importantly, it demonstrates the sustainability and profitability of our growth strategy.”