In a bid to attract additional traffic this winter vacation, Spirit Airlines (SAVE - Free Report) introduced additional flights connecting Tampa with other destinations in the United States. As part of its expansion plan, this low-cost carrier started operating non-stop flights connecting Tampa International Airport with New York’s LaGuardia Airport, Newark Liberty International Airport and Indianapolis International Airport. The above-mentioned daily flight services commenced on Nov 14, 2019. Moreover, the carrier already initiated daily non-stop flight operations connecting Tampa with Nashville International Airport from Nov 5, 2019 onward. With these new destinations, Spirit Airlines now runs flights to 24 sites from Tampa.
Spirit Airlines’ decision to expand its presence in Tampa seems prudent as the region is one of Florida’s most attractive tourist spots. Notably, the Tampa International Airport “served a record 22.2 million passengers for fiscal 2019” according to Chris Minner, executive vice president, marketing, Tampa International Airport. Moreover, Spirit Airlines’ contribution to growth in passenger count at the airport has been significant.
Spirit Airlines is being aided by robust passenger revenues on the back of strong demand for air travel. Passenger revenues, accounting for bulk of the top line, increased 26.7% in 2018. Continuing with this trend, the same increased 16.3% year over year in the first nine months of 2019. The additional flight package to and from Tampa, ahead of the winter holiday season, is likely to bump up the carrier’s passenger revenues further.
Zacks Rank & Key Picks
Spirit Airlinescarries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same space are Allegiant Travel Company (ALGT - Free Report) , Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS - Free Report) and Hawaiian Holdings (HA - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Allegiant, Controladora Vuela and Hawaiian Holdings have rallied more than 69%, 106% and 14%, respectively, so far this year.
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