Spirit Airlines’ (SAVE - Free Report) fourth-quarter 2021 loss (excluding 16 cents from non-recurring items) of 64 cents per share was narrower than the Zacks Consensus Estimate of a loss of 89 cents and the year-ago quarter’s loss of $1.63. In fourth-quarter 2019 (pre-coronavirus era), the carrier had reported earnings of $1.20 per share.
In fourth-quarter 2021, operating revenues of $987.6 million increased 98.1% year over year. The upside reflects improving air-travel demand as Omicron-led COVIDb-19 cases fell in the United States. Revenues were also, higher than the Zacks Consensus Estimate of $961.8 million.
In fourth-quarter 2021, passenger revenues, which accounted for the bulk of the top line (98.4%), increased 99% year over year (when the impact of coronavirus on air-travel demand was severe) to $971.7 million. Passenger revenues were up 2.1% from the fourth-quarter 2019 actuals. Other revenues surged 57.2% year over year to $15.8 million.
Other Details
All comparisons (in %) are presented below on a year-over-year basis.
Reflecting the uptick in air-travel demand, consolidated traffic (measured in revenue passenger miles) at Spirit skyrocketed 63.7% in the reported quarter. To cater to this increased demand, capacity (measured in available seat miles) expanded to 46.7%. Load factor (percentage of seats filled by passengers) increased 8.3 points to 79.8% in the fourth quarter of 2021. Total operating revenue per available seat miles (TRASM) soared 35% to 8.6 cents in the reported quarter. The average yield surged 21% to 10.78 cents.
Adjusted operating expenses (excluding fuel) escalated 34.5% to $751.1 million. Average fuel cost per gallon in the reported quarter rose to $2.41 from $1.32 as oil prices shot up. Fuel gallons consumed skyrocketed 57.6% to $123.3 million, reflecting the usage of more planes to cater to upbeat air-travel demand. Adjusted cost per available seat miles (CASM) excluding fuel decreased 8.3% in the reported quarter, reflecting the expanded capacity. Spirit took the delivery of five new A320neo aircraft during fourth-quarter 2021.
Spirit, currently carrying a Zacks Rank #3 (Hold), ended the quarter with unrestricted cash, cash equivalents and short-term investments, and the liquidity available under the carrier’s revolving credit facility of $1.7 billion. Capital expenditures for full-year 2021 were approximately $333.1 million. The expenditures were primarily related to pre-delivery deposits associated with future aircraft deliveries and the purchase of four aircraft and two engines off lease. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Sectorial Snapshot
Within the broader Transportation sector, J.B. Hunt Transport Services (JBHT - Free Report) , United Airlines (UAL - Free Report) and Delta Air Lines (DAL - Free Report) recently reported fourth-quarter 2021 results.
J.B. Hunt Transport Services, sporting a Zacks Rank #1 (Strong Buy), reported fourth-quarter 2021 earnings of $2.28 per share. The figure surpassed the Zacks Consensus Estimate of $1.99. The bottom line surged 58.3% year over year on the back of higher revenues across all segments.
J.B. Hunt’s operating revenues of $3,497 million also outperformed the Zacks Consensus Estimate of $3,287.8 million. The top line increased 27.7% year over year. Total operating revenues, excluding fuel surcharges, rose 21.7% year over year.
United Airlines, carrying a Zacks Rank #5, incurred a loss (excluding 39 cents from non-recurring items) of $1.60 per share in fourth-quarter 2021, narrower than the Zacks Consensus Estimate of a loss of $2.23. The amount of loss narrowed 77.1% year over year.
United Airlines’ operating revenues of $8,192 million also outperformed the Zacks Consensus Estimate of $7,930.9 million. The top line surged more than 100% year over year, with passenger revenues contributing 84% to the top line and surging 185.4% to $6,878 million.
Delta, carrying a Zacks Rank #5, reported fourth-quarter 2021 earnings (excluding 86 cents from non-recurring items) of 22 cents per share, outpacing the Zacks Consensus Estimate of 15 cents. The bottom line improved from the year-ago quarter’s loss of $2.53 per share. Strong holiday travel demand and favorable pricing aided the December quarter’s results.
Delta’s revenues came in at $9,470 million, beating the Zacks Consensus Estimate of $9,232.1 million and soaring more than 100% year over year. The upside can be attributed to people resorting to air travel during the holidays.
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Spirit Airlines’ (SAVE - Free Report) fourth-quarter 2021 loss (excluding 16 cents from non-recurring items) of 64 cents per share was narrower than the Zacks Consensus Estimate of a loss of 89 cents and the year-ago quarter’s loss of $1.63. In fourth-quarter 2019 (pre-coronavirus era), the carrier had reported earnings of $1.20 per share.
In fourth-quarter 2021, operating revenues of $987.6 million increased 98.1% year over year. The upside reflects improving air-travel demand as Omicron-led COVIDb-19 cases fell in the United States. Revenues were also, higher than the Zacks Consensus Estimate of $961.8 million.
In fourth-quarter 2021, passenger revenues, which accounted for the bulk of the top line (98.4%), increased 99% year over year (when the impact of coronavirus on air-travel demand was severe) to $971.7 million. Passenger revenues were up 2.1% from the fourth-quarter 2019 actuals. Other revenues surged 57.2% year over year to $15.8 million.
Other Details
All comparisons (in %) are presented below on a year-over-year basis.
Reflecting the uptick in air-travel demand, consolidated traffic (measured in revenue passenger miles) at Spirit skyrocketed 63.7% in the reported quarter. To cater to this increased demand, capacity (measured in available seat miles) expanded to 46.7%. Load factor (percentage of seats filled by passengers) increased 8.3 points to 79.8% in the fourth quarter of 2021. Total operating revenue per available seat miles (TRASM) soared 35% to 8.6 cents in the reported quarter. The average yield surged 21% to 10.78 cents.
Adjusted operating expenses (excluding fuel) escalated 34.5% to $751.1 million. Average fuel cost per gallon in the reported quarter rose to $2.41 from $1.32 as oil prices shot up. Fuel gallons consumed skyrocketed 57.6% to $123.3 million, reflecting the usage of more planes to cater to upbeat air-travel demand. Adjusted cost per available seat miles (CASM) excluding fuel decreased 8.3% in the reported quarter, reflecting the expanded capacity. Spirit took the delivery of five new A320neo aircraft during fourth-quarter 2021.
Spirit, currently carrying a Zacks Rank #3 (Hold), ended the quarter with unrestricted cash, cash equivalents and short-term investments, and the liquidity available under the carrier’s revolving credit facility of $1.7 billion. Capital expenditures for full-year 2021 were approximately $333.1 million. The expenditures were primarily related to pre-delivery deposits associated with future aircraft deliveries and the purchase of four aircraft and two engines off lease. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Sectorial Snapshot
Within the broader Transportation sector, J.B. Hunt Transport Services (JBHT - Free Report) , United Airlines (UAL - Free Report) and Delta Air Lines (DAL - Free Report) recently reported fourth-quarter 2021 results.
J.B. Hunt Transport Services, sporting a Zacks Rank #1 (Strong Buy), reported fourth-quarter 2021 earnings of $2.28 per share. The figure surpassed the Zacks Consensus Estimate of $1.99. The bottom line surged 58.3% year over year on the back of higher revenues across all segments.
J.B. Hunt’s operating revenues of $3,497 million also outperformed the Zacks Consensus Estimate of $3,287.8 million. The top line increased 27.7% year over year. Total operating revenues, excluding fuel surcharges, rose 21.7% year over year.
United Airlines, carrying a Zacks Rank #5, incurred a loss (excluding 39 cents from non-recurring items) of $1.60 per share in fourth-quarter 2021, narrower than the Zacks Consensus Estimate of a loss of $2.23. The amount of loss narrowed 77.1% year over year.
United Airlines’ operating revenues of $8,192 million also outperformed the Zacks Consensus Estimate of $7,930.9 million. The top line surged more than 100% year over year, with passenger revenues contributing 84% to the top line and surging 185.4% to $6,878 million.
Delta, carrying a Zacks Rank #5, reported fourth-quarter 2021 earnings (excluding 86 cents from non-recurring items) of 22 cents per share, outpacing the Zacks Consensus Estimate of 15 cents. The bottom line improved from the year-ago quarter’s loss of $2.53 per share. Strong holiday travel demand and favorable pricing aided the December quarter’s results.
Delta’s revenues came in at $9,470 million, beating the Zacks Consensus Estimate of $9,232.1 million and soaring more than 100% year over year. The upside can be attributed to people resorting to air travel during the holidays.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How To Profit From Trillions On Spending For Infrastructure >>
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