GOL announces 3Q24 Earnings Result

Rhea-AI Summary

GOL Airlines reported its Q3 2024 results, highlighting significant operational achievements. The company maintained its position as the #1 low-cost airline globally in on-time performance for four consecutive months and led Brazil's on-time performance for seven months straight. Capacity increased by 20.9% compared to the previous quarter and 6.7% year-over-year. The Smiles loyalty program showed strong growth with 23.6 million total customers (+6.6% YoY) and 1.1 million Club subscribers (+9.3% YoY). GOLLOG, the cargo business, demonstrated robust performance with a 33.7% increase in sales and 38.4% growth in tons transported for the first nine months of 2024.

Positive

• 20.9% increase in capacity (ASK) in Q3 2024 vs Q2 2024
• 14.4% growth in Smiles' total sales year-over-year
• 33.7% increase in GOLLOG sales for 9M24
• 38.4% growth in total tons transported for 9M24
• 84.4% expansion in Mercado Livre cargo operation

Negative

• None.

Insights

Financial Analyst

GOL's Q3 2024 results showcase notable operational improvements and strategic expansion. The 20.9% quarter-over-quarter capacity increase and 6.7% year-over-year growth in ASK indicate strong recovery momentum. The loyalty program Smiles demonstrates robust performance with 14.4% YoY sales growth and an impressive customer base of 23.6 million. GOLLOG's cargo business shows exceptional growth with a 33.7% increase in sales for 9M24 and an 84.4% expansion in Mercado Livre operations. These metrics suggest effective execution of GOL's diversification strategy across passenger, loyalty and cargo segments. The planned international route expansion and consistent operational excellence (ranked #1 in on-time performance) position the company well for sustained growth. However, the release lacks important financial metrics like revenue, profit margins and debt levels, making it difficult to fully assess the company's financial health.

SÃO PAULO, Nov. 13, 2024 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (B3: GOLL4), one of the leading airlines in Brazil and part of the ABRA Group, announced today its consolidated results for the third quarter of 2024 (3Q24). All information herein is presented in Brazilian Reais (R$), unless otherwise noted, in accordance with international accounting standards (IFRS), with adjusted metrics made available to enable comparison of this quarter (3Q24) with the third quarter of 2023 (3Q23) and the first nine months of 2024 (9M24) to the same period of the previous year (9M23).

Highlights

GOL – Passenger Business

• #1 low-cost airline in the world in on-time performance for the fourth consecutive month and, for the seventh consecutive month, the leader in on-time performance in Brazil.
• 20.9% increase in capacity in the 3Q24, measured in seat kilometers offered (ASK), compared to the previous quarter (+6.7% 3Q24 vs 3Q23), in line with our capacity recovery plan.
• Folha Top of Mind 2024 award winner for the eighth consecutive year, showcasing GOL as the airline most remembered by Brazilians.

GOL continues to expand its international footprint. New international route Brasília-Bogotá scheduled to start in February 2025, in addition to the return of direct flights between Rio de Janeiro and Montevideo and the launch of the Brasília-Buenos Aires route.

Smiles – Loyalty Program

• The program celebrated its 30^th year with more than 1.1 million customers subscribed to the Smiles Club, GOL's subscription service, a 9.3% growth (3Q24 vs 3Q23).
• 14.4% growth in Smiles' total sales year-over-year (3Q24 vs 3Q23) and 7.1% growth in the year-to-date 2024 compared to 2023 (9M24 vs 9M23).
• Total customers reached 23.6 million, a 6.6% growth (3Q24 vs 3Q23), reinforcing Smiles as the largest loyalty program among Brazilian airlines.
• Smiles more than doubled the volume of miles redeemed outside of air travel products in the 3Q24 vs 3Q23, reinforcing its strategy of being the most complete travel platform.

GOLLOG – Cargo Business

• 33.7% increase in GOLLOG sales of the 9M24 (vs 9M23).
• 38.4% growth in total tons transported in the 9M24 (vs 9M23).
• 84.4% expansion in the Mercado Livre cargo operation of the 9M24 (vs 9M23).

FULL EARNINGS RELEASE & PRESENTATION
Access the earnings release, presentation and full financial statements at: www.voegol.com.br/ir

3Q24 Conference Call: November 13, 2024, 07:30 am (New York time; US EDT), broadcast via webcast
(https://mzgroup.zoom.us/webinar/register/WN_l5HqtO24Tj2-gMqUhiwcBA#/registration).

Investor Relations: ir@voegol.com.br 

About GOL Linhas Aéreas Inteligentes S.A.
GOL is a leading domestic airline in Brazil and part of Abra Group. Since it was founded in 2001, the Company has the lowest unit cost in Latin America, democratizing air transportation. The Company has alliances with American Airlines and Air France-KLM and provides eighteen codeshares and interline agreements to its Customers, bringing more convenience and simple connections to any place served by these partnerships. With the purpose of "Being the First for All," GOL offers the best travel experience to its passengers and the best frequent-flyer program, Smiles. In cargo transportation, Gollog delivers orders to different regions in Brazil and abroad. The Company has a team of 13,900 highly qualified aviation professionals focused on Safety. GOL's #1 value and operates a standardized fleet of 138 Boeing 737 aircraft. The Company's shares are traded on the B3 (GOLL4). For further information, go to www.voegol.com.br/ri. 

 

View original content:https://www.prnewswire.com/news-releases/gol-announces-3q24-earnings-result-302304004.html

SOURCE GOL Linhas Aéreas Inteligentes S.A.

FAQ

What was GOL's capacity growth in Q3 2024?

GOL's capacity, measured in seat kilometers offered (ASK), increased by 20.9% compared to Q2 2024 and 6.7% compared to Q3 2023.

How many customers does GOL's Smiles loyalty program have in Q3 2024?

Smiles reached 23.6 million total customers, representing a 6.6% growth compared to Q3 2023.

What was GOLLOG's sales growth in the first nine months of 2024?

GOLLOG reported a 33.7% increase in sales for the first nine months of 2024 compared to the same period in 2023.

What new international routes is GOL launching?

GOL is launching a new Brasília-Bogotá route in February 2025, resuming direct flights between Rio de Janeiro and Montevideo, and launching a Brasília-Buenos Aires route.