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Spirit Airlines' October Traffic and Load Factor Increase
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Spirit Airlines (SAVE - Free Report) reported a significant rise in air traffic for the month of October. Traffic — measured in revenue passenger miles (RPMs) — came in at 2.1 billion, up 21.6% on a year-over-year basis. Consolidated capacity (or available seat miles/ASMs) also expanded 21.2% to 2.53 billion.
Another important metric, load factor (percentage of seats filled by passengers) increased to 83.2% from 82.9% recorded in October 2016. The improvement was owing to traffic growth outpacing capacity expansion for the month.
In fact, this low-cost carrier registered a completion factor (system wide) of 96.4% with 86.7% flights on schedule. Notably, for the first 10 months of 2017, Spirit Airlines registered a 13.6% increase in RPMs to 20.39 billion and a 16.1% rise in ASMs to 24.38 billion, both on a year-over-year basis. However, load factor fell 190 basis points to 83.6% in the period.
Spirit Airlines, which reported upbeat third-quarter results in September, also stated that it expects capacity to expand 16% in 2017 on a year-over-year basis. Cost per available seat mile (CASM), excluding fuel, is projected to increase in the 1.5% to 2% band.
In fact, the company is making significant efforts to expand its operations. To this end, the carrier recently launched non-stop flights connecting New Orleans and four new destinations - Boston, Newark, Tampa, Minneapolis/St. Paul. Flights connecting New Orleans and Columbus, OH are expected to commence from Mar 22, 2018.
Meanwhile, Spirit Airlines is constantly looking to modernize its fleet. The fleet-size is expected to expand to 112, 122 and 161 by the end of 2017, 2018 and 2021, respectively.
So far this year, shares of International Consolidated Airlines, Deutsche Lufthansa and SkyWest have surged more than 45%, 100% and 25%, respectively.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
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Spirit Airlines' October Traffic and Load Factor Increase
Spirit Airlines (SAVE - Free Report) reported a significant rise in air traffic for the month of October. Traffic — measured in revenue passenger miles (RPMs) — came in at 2.1 billion, up 21.6% on a year-over-year basis. Consolidated capacity (or available seat miles/ASMs) also expanded 21.2% to 2.53 billion.
Another important metric, load factor (percentage of seats filled by passengers) increased to 83.2% from 82.9% recorded in October 2016. The improvement was owing to traffic growth outpacing capacity expansion for the month.
In fact, this low-cost carrier registered a completion factor (system wide) of 96.4% with 86.7% flights on schedule. Notably, for the first 10 months of 2017, Spirit Airlines registered a 13.6% increase in RPMs to 20.39 billion and a 16.1% rise in ASMs to 24.38 billion, both on a year-over-year basis. However, load factor fell 190 basis points to 83.6% in the period.
Spirit Airlines, which reported upbeat third-quarter results in September, also stated that it expects capacity to expand 16% in 2017 on a year-over-year basis. Cost per available seat mile (CASM), excluding fuel, is projected to increase in the 1.5% to 2% band.
In fact, the company is making significant efforts to expand its operations. To this end, the carrier recently launched non-stop flights connecting New Orleans and four new destinations - Boston, Newark, Tampa, Minneapolis/St. Paul. Flights connecting New Orleans and Columbus, OH are expected to commence from Mar 22, 2018.
Meanwhile, Spirit Airlines is constantly looking to modernize its fleet. The fleet-size is expected to expand to 112, 122 and 161 by the end of 2017, 2018 and 2021, respectively.
Spirit Airlines, Inc. Price
Spirit Airlines, Inc. Price | Spirit Airlines, Inc. Quote
Zacks Rank & Key Picks
Spirit Airlines carries a Zacks Rank #3 (Hold). Investors interested in the Zacks Transportation - Airline industry may consider stocks such as International Consolidated Airlines Group SA (ICAGY - Free Report) , Deutsche Lufthansa AG (DLAKY - Free Report) and SkyWest, Inc. (SKYW - Free Report) . While International Consolidated Airlines sports a Zacks Rank #1 (Strong Buy), Deutsche Lufthansa and SkyWest carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
So far this year, shares of International Consolidated Airlines, Deutsche Lufthansa and SkyWest have surged more than 45%, 100% and 25%, respectively.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>