UPDATE: Spirit Airlines Posts Rise In Q2 Profit

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Spirit Airlines
SAVE
reported a 54% gain its second-quarter profit. The Miramar, Florida-based company posted quarterly net income of $64.8 million, or $0.88 per share, up from $42.1 million, or $0.58 per share, in the year-ago period. Its adjusted earnings surged 45.2% to $66.5 million, or $0.91 per share. Its revenue climbed around 23% to $499.3 million. However, analysts were expecting earnings of $0.89 per share on revenue of $498.74 million. Its total revenue per available seat mile rose 4.6% to 12.46 cents, while Passenger flight segment volume climbed 14.7%. Spirit's load factor rose 1.8 points y/y to 87.5%, while total revenue per PFS surged 6.8% to $139.90. Total operating expenses climbed 15.7% to $394.2 million in the quarter. "The Spirit team delivered another strong quarter. While growing our capacity 17.2 percent year over year, we grew our top line 22.6 percent year over year," said Ben Baldanza, Spirit's Chief Executive Office. Spirit Airlines shares fell 0.29% to close at $67.72 yesterday.
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Posted In: EarningsNewsprofit
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