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Spirit Airlines Reports a Third Quarter Adjusted Net Loss of $75 Million on $923 Million in Revenue

Spirit Airlines has reported a third quarter 2021 adjusted net loss of $74.6 million or ($0.69) per diluted share on revenue of $992.6 million. When special items are included, primarily payroll and benefit support under PSP3, the company reported net income of $14.8 million.

Spirit Airlines Airbus A320neo - Courtesy Airbus

On Wednesday (October 27, 2021), Spirit Airlines reported their third quarter 2021 financial results for the period ending September 30, 2021. The carrier reported an adjusted net loss of $74.6 million or ($0.69) per diluted share on a year-over-two decline in revenue of seven percent to $922.6 million. When special items are included, primarily payroll and benefit support under the third extension of the U.S. Cares Act Payroll Support Program (PSP3) are included (technically Title VII, Subtitle C of the American Rescue Plan of 2021), the carrier reported a third quarter net income of $14.8 million or $0.14 per diluted share. At September 30, 2021, Spirit Airlines had cash, cash equivalents, short term investments and liquidity under a revolving credit facility of $1.9 billion.

In Wednesday’s announcement, Spirit Airlines’ President and Chief Executive Officer, Ted Christie, said,

“I want to thank our Team Members for persevering and overcoming the challenges we have faced along the road to recovery in these last few months and for remaining focused on the road ahead, nonetheless. Higher fuel prices, continued travel restrictions, and near-term staffing issues have all played their part in delaying our return to sustained profitability, but they have not changed the long-term outlook for Spirit. Looking ahead, we continue to position Spirit for the post-pandemic environment – an environment in which Spirit will remain the low-cost leader among U.S. operators, with ample opportunities for continued growth and among the best margins in the business.”

Also commenting on the company’s third quarter financial results, Spirit Airlines’ Chief Financial Officer, Scott Haralson, said,

“The resiliency and strength of our business model has allowed us to deliver financial performance that is among the best throughout the pandemic and gives us confidence in our ability to navigate the challenges ahead in what has proven to be a prolonged recovery period. Considering labor resource uncertainties, we are slowing the pace at which we are going to push the airline back to full fleet utilization and expect to produce 53 to 55 billion available seat miles in 2022.

“We are still targeting sub-6 cent adjusted cost per available seat mile ex-fuel ("Adjusted CASM ex-fuel") once we get to full utilization. The timeline to achieve that target has stretched out to late 2022/early 2023 due to our slower pace of growth, and increased inflationary pressures – particularly labor and airport costs – will push the target closer to six than we originally expected. We are confident that we will still be among the best margin producers in the business, while remaining the low-cost leader, when the recovery has fully taken hold.”

During the third quarter, Spirit took delivery of four Airbus A320neos, three on direct operating leases, and one financed under a sale-and-leaseback transaction. The company ended the quarter with a fleet of 168 Airbus A320 and A320neo Family aircraft. Total CAPEX for Q3 was approximately $249 million, primarily attributable to pre-delivery deposits for future aircraft deliveries and the purchase of four aircraft and two engines off lease.

Miramar, Florida-based low-cost carrier Spirit Airlines (NYSE: SAVE) is committed to offering the best value in the sky with service to destinations in the U.S., Latin America, and the Caribbean. The airline allows customers to select and pay for only the products and services they want, something they call “À La Smarte.” Spirit also operates one of the youngest and most fuel-efficient fleets in the U.S. The carrier proudly calls their youthful fleet of aircraft their “Fit Fleet®.” Spirit Airlines will add 16 new fuel-efficient Airbus A320neos to their fleet in 2021 and an additional 24 aircraft in 2022.

In after-hours trading on Wednesday evening, shares in Spirit Airlines, Inc. (NYSE:SAVE) were 1.94% higher at $22.60/share (6:45 PM EDT).

Source: Spirit Airlines/PR Newswire


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