Spirit Airlines Inc

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Equity

ISIN null / Valor 13028935

New York Stock Exchange, Inc (2024-11-15)

USD 1.08-18.2%

Spirit Airlines Inc
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About company

Spirit Airlines Inc. is an American ultra-low-cost carrier headquartered in Miramar, Florida. The airline is known for its focus on providing affordable travel options, emphasizing a high-value, low-cost approach. Spirit operates flights to more than 90 destinations across the United States, Latin America, and the Caribbean, utilizing an all-Airbus fleet. The company prides itself on offering customizable travel experiences through its À La Smarte® options, which include a range of ancillary services and products such as priority boarding, additional legroom seats, and onboard Wi-Fi, among others. Spirit Airlines aims to make air travel accessible to a broader audience, enabling more frequent travel opportunities. The airline has also been recognized for its innovations in airport processes and its commitment to maintenance excellence, as evidenced by awards from industry organizations and the FAA.

Summarized from source with an LLMView SourceSector:

Revenue Decline

Spirit Airlines Inc. reported total operating revenues of $1.3 billion for the fourth quarter of 2023, marking a decrease of 5.0% compared to the same quarter in 2022. The total revenue per available seat mile (TRASM) was 8.94 cents, which represents a 17.3% decline from the fourth quarter of 2022, despite a 14.8% increase in capacity.

Net Loss

For the fourth quarter of 2023, Spirit Airlines Inc. recorded a net loss of $183.7 million, translating to a net loss of $1.68 per diluted share. When excluding special items, the adjusted net loss was $148.7 million, or $1.36 per diluted share.

Operating Expenses

Spirit Airlines Inc. saw a decrease in total GAAP operating expenses by 9.5% to $1,536.6 million in the fourth quarter of 2023 compared to the same period in 2022. However, adjusted operating expenses increased by 11.3% to $1,485.1 million, driven by higher flight volume, additional leased aircraft, and inflationary pressures.

Operational Performance

During the fourth quarter of 2023, Spirit Airlines Inc. achieved a load factor of 80.1% and a Department of Transportation (DOT) on-time performance of 76.8%. The DOT completion factor was 99.2%, contributing an estimated $10 million in incremental revenue during the peak holiday period.

Outlook for 2024

As Spirit Airlines Inc. enters 2024, the company anticipates benefits from strategic changes implemented in 2023. Current booking trends suggest a domestic market rebound, with expectations of significant sequential improvement in total revenue per available seat mile (TRASM) from the fourth quarter of 2023 to the first quarter of 2024, supporting a positive outlook for domestic recovery in 2024.

Summarized from source with an LLMView Source

Key figures

-90.4%1Y

-95.5%3Y

-97.2%5Y

Performance

398%1Y

112%3Y

89.4%5Y

Volatility