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Spirit Reports Q4 and Full Year 2021 Financial Results, Announces Merger With Frontier Airlines

Spirit Airlines has reported a fourth quarter net loss of $87 M or ($0.80) per diluted share on a 2% increase in revenue versus Q4 2019 to $988 M. For the full year 2021, the carrier reported a net loss of $473 M or ($4.50)/share on a 16% year-over-two decline in revenue to $3.2 B.

Spirit Airlines Airbus A320neo - Courtesy Airbus

On Monday (February 7, 2022), Spirit Airlines reported their financial results for the fourth quarter and full year ending December 31, 2021, and also announced a definitive merger agreement with Frontier Airlines. The carrier reported a fourth quarter net loss of $87.2 million or ($ 0.80) per diluted share on 1.8 percent increase compared to Q4 2019 to $987.6 million. Spirit’s fourth quarter adjusted net loss was $69.4 million or ($0.64) per diluted share. For the full year 2021, Spirit reported a net loss of $472.6 million or ($4.50) per diluted share on a year-over-two decline in revenue of 15.7 percent to $3.23 billion. At December 31, 2021, Spirit Airlines had unrestricted cash, cash equivalents, short-term investment securities and liquidity available under the company’s revolving credit facility of $1.7 billion.

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

“Our fourth quarter 2021 results came in better-than-expected, despite the negative impact from Omicron-related flight disruptions, primarily due to very strong demand over the peak December holiday period. I want to thank the entire Spirit team for their professionalism and commitment to providing excellent service to our Guests.

“Looking ahead to the first quarter 2022, we have seen sequential improvement in bookings since mid-January and early trends indicate travel demand in the second half of the first quarter should be quite strong. Also, today we announced that Spirit and Frontier have signed a definitive merger agreement under which we plan to combine to bring more ultra-low fares to more travelers in more destinations across the United States, Latin America and the Caribbean. We are excited about this combination and believe it will have tremendous benefits for consumers, Team Members, and shareholders.”

Spirit Airlines Fourth Quarter and Full Year 2021 Financial Results - Courtesy Spirit Airlines

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., which the carrier proudly calls their “Fit Fleet®.” Spirit Airlines will add 24 new fuel-efficient Airbus A320neos to their fleet in 2022.

Source: Spirit Airlines/PRNewswire


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