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Spirit (SAVE) to Add Routes From Newark to Boost Summer Travel

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To meet the anticipated demand swell during the upcoming summer season, Spirit Airlines (SAVE - Free Report) announced its intention to expand its network. To this end, SAVE decided to add four routes from the Newark airport.

Spirit Airlines will operate four non-stop flights daily to Indianapolis, Los Angeles, Oakland and Pittsburgh. The flights to Los Angeles, Indianapolis, Oakland and Pittsburgh will commence from May 5, Jun 22, Aug 10 and Jun 22, respectively.

Expressing delight at the network expansion, John Kirby, vice president of network planning for Spirit Airlines, said: “We know people are eager to travel this summer. We are pleased to add new high-value options for guests looking to visit friends and family in northern New Jersey or for those looking for affordable options for travel from the Garden State across the country”.

Following its expansion at Newark, Spirit Airlines will offer 24 departures on peak days this summer, thus doubling in size from the 2019 level. SAVE also aims to add a temporary route to Louisville from Newark to facilitate travel from New Jersey to the Kentucky Derby (annual event held on the first Sunday of May) in Louisville.

The new routes are likely to invite substantial traffic with air travel demand picking up. This should in turn boost Spirit Airlines’ top line.

Zacks Rank & Key Picks

Spirit Airlines currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks within the broader Transportation sector are as follows:

ArcBest Corporation (ARCB - Free Report) flaunts a Zacks Rank #1 (Strong Buy), currently. ARCB has a stellar surprise history, with its earnings having outperformed the Zacks Consensus Estimate in each of the preceding four quarters, the average being 31.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of ArcBest have surged more than 31% in a year. Improving freight market conditions aid ARCB immensely.

J.B. Hunt Transport Services (JBHT - Free Report) currently carries a Zacks Rank #2 (Buy). JBHT’s earnings surpassed the Zacks Consensus Estimate in each of the preceding four quarters, the average being 10.2%.

Shares of J.B. Hunt have rallied more than 30% in a year. We are impressed by JBHT’s efforts to reward its shareholders through dividend payments and share repurchases. Recently, JBHT hiked its dividend 33% to 40 cents per share (annually: $1.60). JBHT raised its dividend twice last year. 

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J.B. Hunt Transport Services, Inc. (JBHT) - free report >>

Spirit Airlines, Inc. (SAVE) - free report >>

ArcBest Corporation (ARCB) - free report >>