Spirit Airlines, Inc. (SAVE - Free Report) is a low-cost passenger carrier based in Miramar, FL. The carrier 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 4.69%.
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 (Strong Buy) stocks here.
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: Spirit Airlines’ second quarter 2017 earnings (on an adjusted basis) came in at $1.14 per share, beating the Zacks Consensus Estimate of $1.11. Earnings increased 2.7% on a year-over-year basis.
Revenue: Spirit Airlines reported operating revenues of $701.7 million, just short of the Zacks Consensus Estimate. An increase in non-ticket revenues contributed to the top line expanding 20.1% on a year over year basis.
Key Stats to Note: In the reported quarter, total revenue per available seat mile increased 5.7% year over year on the back of the shift in Easter. Load factor (% of seats filled by passengers) decreased to 85.3% from 86.4% in the year-ago quarter. Load factor decreased as traffic growth (12.1%) was outpaced by capacity expansion (13.6%) during the reported quarter. Cost per available seat mile, excluding special items and fuel increased 10%.
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