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Spirit Airlines (SAVE) Posts Narrower-Than-Expected Q4 Loss
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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.
Spirit Airlines, Inc. Price, Consensus and EPS Surprise
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 seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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) Posts Narrower-Than-Expected Q4 Loss
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.
Spirit Airlines, Inc. Price, Consensus and EPS Surprise
Spirit Airlines, Inc. price-consensus-eps-surprise-chart | Spirit Airlines, Inc. Quote
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.