Spirit Airlines has reported a third quarter net loss of $36.4 million or ($0.33) per diluted share on a year-over-three increase in revenue of 35.4 percent to $1.34 billion. At September 30, 2022, the carrier had total available liquidity of $1.3 billion.
On Wednesday (October 26, 2022), Spirit Airlines reported their third quarter financial results for the period ending September 30, 2022. The carrier reported a third quarter net loss of $36.4 million or ($0.33) per diluted share on a year-over-three increase in revenue of 35.4 percent to $1.34 billion. Spirit’s third quarter total revenue per available seat mile (TRASM) increased 19.3 percent compared to Q3 2019 to 11.07 cents, while cost per available seat mile (CASM) were up 40.0 percent compared to the same quarter in 2029 to 11.37 cents. Costs excluding fuel (CASM-ex) increased year-over-three by 21 percent to 6.79 cents. At September 30, 2022, Spirit Airlines had unrestricted cash, cash equivalents, short-term investment securities and available liquidity under the company’s revolving credit facility totaling $1.3 billion.
In Wednesday’s announcement, Spirit Airlines’ President and Chief Executive Officer, Ted Christie, said,
“The business performed well against a set of negative headwinds during the third quarter 2022, including much higher fuel costs, Hurricane Ian, and Florida capacity constraints. Strong demand and sound revenue management coupled with excellent operational reliability and overall cost management helped mitigate the impacts of these headwinds. There is still much work to do to return to full utilization and normalized margins, but we remain confident we can reach both of those targets by mid-year 2023. Looking ahead to the fourth quarter 2022, leisure demand remains strong and we expect unit revenue in the fourth quarter to be up 15.0 percent to 16.5 percent on 24.5 percent more capacity, compared to the fourth quarter 2019.
“For the third quarter 2022, our team achieved a record third quarter DOT on-time performance of 79.5 percent and did so despite operational impacts from Hurricane Ian. I want to thank and acknowledge our entire team for caring for our Guests and each other and for doing a great job mitigating the operational impacts from Hurricane Ian. Our heartfelt thoughts go out to all those in our home state still suffering from the devastating impacts of Hurricane Ian.”
Spirit Airlines' Third Quarter 2022 Financial Results - Courtesy Spirit Airlines/PRNewswire
During the third quarter, Spirit took delivery of four new Airbus A320neos, ending the period with a fleet of 184 aircraft, up 35.3 percent versus the end of Q3 2019. The company also entered into a definitive merger agreement with JetBlue on July 28th, which was approved by Spirit shareholders on October 19, 2022. Spirit also opened new pilot and flight attendant crew bases in Atlanta and Miami during the period, as well as a new maintenance facility in Houston. Additionally, the carrier will add San Antonio to their network from November 2022, has launched new service to Albuquerque, Reno and Boise, and has resumed flights to Managua, Nicaragua.
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.
In trading Thursday morning (October 27, 2022), shares in Spirit Airlines, Inc. (NYSE: SAVE) were down 0.23% to $21.86/share (10:17 AM EDT).
Source: Spirit Airlines / PRNewswire
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