Spirit Airlines, Inc. (SAVE Quick QuoteSAVE - Free Report) is a low-cost passenger carrier based in Fort Lauderdale providing travel opportunity principally to and from South Florida, the Caribbean and Latin America. Spirit Airlines Inc. is based in Miramar, FL.

The carrier is benefiting from plunging oil prices. Moreover, it is constantly making efforts to expand by adding new flights. Spirit Airlines has an encouraging track record having delivered positive earnings surprises in each of the last four quarters, with an average beat of 3.91%.

Zacks Rank: Currently, Spirit Airlines has a Zacks Rank #5 (Strong Sell) but that could change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Spirit Airlines’ second quarter 2016 earnings (on an adjusted basis) came in at $1.11 per share, beating the Zacks Consensus Estimate of $1.07. Earnings improved 7.8% on a year-over-year basis. Results were once again aided by weak fuel costs.

SPIRIT AIRLINES Price and EPS Surprise

SPIRIT AIRLINES Price and EPS Surprise | SPIRIT AIRLINES Quote

Revenue: Spirit Airlines reported operating revenues of $584.1 million missing the Zacks Consensus Estimate of $586 million. An increase in non-ticket revenues led to the top line expanding 5.5% on a year over year basis.

Key Stats: In the reported quarter, operating revenue per available seat mile fell 14.3% year over year while load factor (% of seats filled by passengers) increased to 86.4% from 86% in the year-ago quarter. Load factor increased as traffic growth (23.8%) outpaced capacity expansion (23.1%) during the second quarter of 2016. Average economic fuel price per gallon declined 29.3% to $1.47.

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