The earnings call reflected a strong performance by Azul with record revenues and significant debt reduction efforts. Despite facing challenges such as currency devaluation, fuel price increases, and fleet disruptions, the company demonstrated resilience and strategic planning to strengthen its financial position and operational efficiency. The positive developments in revenue growth and debt restructuring outweigh the challenges faced.

Company Guidance

During the third quarter 2024 earnings call, Azul provided robust guidance for the future, underscoring their positive trajectory despite challenging macroeconomic conditions. The company reported an all-time record revenue of BRL 5.1 billion and an EBITDA of BRL 1.7 billion, marking a 77% increase in EBITDA compared to Q3 2019, with a margin improvement of 1.4 percentage points. They also highlighted a 69% increase in revenue and a 12% rise in RASK over the second quarter. Looking ahead, Azul projects a record EBITDA of BRL 7.4 billion for 2025, supported by strategic fleet transformations and operational efficiencies through their Elevate program. The company anticipates a 10% capacity growth in 2025, primarily driven by their international network and the introduction of more efficient E2 aircraft. Furthermore, Azul's comprehensive transaction plan aims to reduce debt by BRL 5.4 billion and improve cash flow by BRL 200 million annually, positioning them for robust financial health and consistent cash generation in the years to come.

Record-Breaking Revenue and EBITDA

Azul achieved an all-time record revenue of BRL 5.1 billion and EBITDA of BRL 1.7 billion in Q3 2024, with a 69% increase in revenue compared to Q3 2019.

Successful Debt Reduction Strategy

Azul announced a significant reduction of BRL 5.4 billion in debt through equitization and raised $500 million in fresh capital, improving leverage from 4.8x to 3.4x.

Growth in Business Units

Azul's logistics, vacations, and loyalty business units showed strong growth, with unit revenue increases of 30% for vacations and loyalty, and 90% for charters.

Fleet Expansion and Efficiency

Azul expanded its fleet with the acquisition of 4 wide-bodies and plans for 10 E2s in 2024 and 12-15 E2s in 2025, focusing on lower trip costs and increased efficiency.

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Azul SA (AZUL) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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AZUL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 13, 2025	2024 (Q4)	0.20 / -	-1.697	―	―	―
Nov 14, 2024	2024 (Q3)	-0.34 / -0.14	-0.169	16.91% (+0.03)
Aug 12, 2024	2024 (Q2)	-0.92 / -0.89	-0.218	-308.41% (-0.67)
May 13, 2024	2024 (Q1)	-0.34 / -0.37	-0.347	-5.28% (-0.02)
Mar 28, 2024	2023 (Q4)	0.28 / -0.28	-0.392	29.11% (+0.11)
Nov 14, 2023	2023 (Q3)	-0.08 / -0.17	-0.987	82.82% (+0.82)
Aug 10, 2023	2023 (Q2)	-0.17 / -0.22	-0.798	72.66% (+0.58)
May 15, 2023	2023 (Q1)	-0.31 / -0.35	-0.503	30.97% (+0.16)
Mar 06, 2023	2022 (Q4)	-0.36 / -0.39	-0.178	-119.63% (-0.21)
Nov 10, 2022	2022 (Q3)	-0.57 / -0.99	-1.033	4.49% (+0.05)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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AZUL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 14, 2024	$2.69	$2.78	+3.35%
Aug 12, 2024	$4.24	$3.78	-10.85%
May 13, 2024	$6.33	$6.47	+2.21%
Mar 28, 2024	$8.53	$7.77	-8.91%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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