Spirit Airlines has reported a first quarter net loss of $103.9 million or ($0.95) per diluted share on a year-over-year increase in revenue of 39.5 percent to $1.35 billion. At March 31, 2023, the carrier had total liquidity of $1.7 billion.
On Wednesday (April 26, 2023), Spirit Airlines reported their first quarter financial results for the period ending March 31, 2023. The carrier reported a first quarter net loss of $103.9 million or ($0.95) per diluted share on a year-over-year increase in revenue of 39.5 percent to $1.35 billion. Spirit’s first quarter total revenue per available seat mile (TRASM) increased versus Q1 2022 by 23.9 percent to 10.22 cents, while cost per available seat mile (CASM) increased year-over-year by 10.0 percent to 11.07 cents. The airline’s Q1 adjusted costs, excluding fuel, (Adjusted CASM-ex) increased 8.1 percent to 7.22 cents. At March 31, 2023, Spirit Airlines had unrestricted cash, cash equivalents, short term investments, and liquidity available under their revolving credit facility totaling $1.17 billion.
In Wednesday’s announcement, Spirit Airlines’ President and Chief Executive Officer, Ted Christie, said,
“For the first quarter 2023, our adjusted operating margin came in better than expected, helped by lower fuel and a strong revenue per available seat mile ("TRASM") performance. Looking ahead to the second quarter, demand continues to be strong and industry capacity remains constrained, both of which are beneficial for unit revenue. Our core business is solid, and the team is doing an excellent job solving for the problems within our control. Earlier this month, the Fort Lauderdale area experienced severe flash floods, requiring a 40-hour closure of the Fort Lauderdale airport. As a result of this weather event, Spirit canceled nearly 600 flights and diverted many others, disrupting travel plans for a substantial number of our Guests. Despite the significant and out-sized disruption to our network, our team was primed and ready to go on Friday morning once the airport re-opened. This quick recovery is a testament to the diligent efforts of our entire team as well as the innovative changes we have put in place to help accelerate recovery operations.
“The improvements we’ve made at Spirit to enhance the Guest experience and deliver high value are being recognized by many industry experts. In addition to Spirit being named the 'Value Airline of the Year' by Aviation Week Network's Air Transport World (ATW), last week WalletHub named Spirit the 'Most Affordable Airline' and No. 2 of 11 overall in its 2023 Best Airline Awards. I’m incredibly pleased and proud that the Spirit team is being recognized for their accomplishments.”
During the first quarter, Spirit took delivery of five new Airbus A320neos and retired four Airbus A319ceos. The company ended the quarter with a fleet of 195 aircraft, up 10.8 pervent since the end of Q1 2022.
Miramar, Florida-based low-cost carrier Spirit Airlines (NYSE: SAVE) is committed to offering the best value in the sky with service to nearly 100 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 operates a fleet of 200 Airbus A320 Family and A320neo Family aircraft, and expects to take delivery of 26 more brand-new airplanes in 2023, including their first A321neo.
Source: Spirit Airlines/PRNewswire