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 4.35%.

Zacks Rank: Currently, Spirit Airlines has a Zacks Rank #3 (Hold) but that could change following the company’s earnings report which was just released. You can see the complete list of today’s Zacks #1 Rank stocks here. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Spirit Airlines’ third quarter 2016 earnings (on an adjusted basis) came in at $1.17 per share, beating the Zacks Consensus Estimate of $1.16.

Revenue: Spirit Airlines reported operating revenues of $621.3 million surpassing the Zacks Consensus Estimate of $615 million. Revenues increased by 8.1% from the prior year quarter.

Key Stats: In the reported quarter, total revenue per available seat mile fell 7.0% year over year while load factor (% of seats filled by passengers) increased to 86.0% from 85.2% in the year-ago quarter. Load factor increased as traffic growth (17.4%) outpaced capacity expansion (16.2%) during the second quarter of 2016. Average economic fuel price per gallon declined 8.8% to $1.56.

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