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Spirit Airlines Reports Second Quarter Net Loss of $52.4 Million or $0.48 per Diluted Share

Spirit Airlines has reported a second quarter net loss of $52.4 million or ($0.48) per diluted share on a 35 percent year-over-three increase in revenue to $1.37 billion. At June 30, 2022, the carrier had $1.5 billion in total available liquidity.

Spirit Airlines Airbus A320neo - Courtesy Airbus

On Tuesday (August 9, 2022), Spirit Airlines reported their second quarter financial results for the period ending June 30, 2022. The carrier reported a second quarter net loss of $52.4 million or (0.48) per diluted share on a year-over-year increase in revenue of 59.2 percent to $1.37 billion. Spirit’s second quarter revenue also increased 35.5 percent compared to the pre-pandemic second quarter of 2019. Excluding special items, Spirit’s adjusted Q2 net loss was $32.2 million or ($0.30) per diluted share. The carrier’s total revenue per available seat mile (TRASM) increased year-over-three by 22.8 percent to 11.54 cents, while costs per available seat mile (CASM) increased 51.3 percent compared to Q2 2019 to 11.92 cents. Adjusted costs excluding fuel, (Adjusted CASM-ex) increased year-over-three by 28.7 percent to 6.96 cents. At June 30, 2022, the company had $1.5 billion in cash, cash equivalents, short-term investments and liquidity available under a revolving credit facility.

In Tuesday’s announcement, Spirit Airlines’ Chief Executive Officer, Ted Christie, said,

“Top line revenue growth in the second quarter 2022 exceeded our expectations, driving a better-than-expected adjusted pre-tax margin despite much higher than anticipated fuel prices. On the operations side, following a rough start to the quarter, we implemented key operational changes and quickly saw meaningful improvements in our operational reliability and recoverability. We finished the quarter on a strong note with a 98.8 percent completion factor for June. And, our completion factor for July was 99.7 percent, including 15 days of 100 percent completion factor. The robust demand for leisure travel during the peak summer period resulted in busy airports and high load factors, and I want to thank our Team Members for staying focused on supporting each other and delivering a high value experience for our Guests.

“On July 28, 2022, we announced plans to unite with JetBlue Airways Corporation ("JetBlue") to create a compelling national low-fare challenger to the dominant U.S. carriers. I am thrilled we were able to reach an agreement with JetBlue that delivers value for our stockholders, Team Members, and Guests.”

Spirit Airlines Second Quarter 2022 Financial Results - Courtesy Spirit Airlines

During the second quarter, Spirit Airlines took delivery of four Airbus A320neos, ending the quarter with a fleet of 180 aircraft, up 33.3 percent since the end of Q2 2019. Spirit’s CAPEX for the second quarter totaled $113.6 million, primarily related to net pre-delivery purchase deposits, and the purchase of spare parts, including two spare engines, as well as expenses related to the company’s new Dania Beach, Florida facility.

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 24 new fuel-efficient Airbus A320neos to their fleet in 2022, expanding their fleet to 197 aircraft, as well as 33 new aircraft in 2023.

Source: Spirit Airlines / PRNewswire

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