UPDATE: Spirit Airlines Posts Better-Than-Expected Q3 Earnings, Revenue Misses View

Spirit Airlines

reported stronger-than-expected earnings for the third quarter. The Miramar, Florida-based company posted quarterly earnings of $67 million, or $0.91 per share, compared to $61.1 million, $0.84 per share, in the year-ago quarter. Excluding certain items, the company earned $1.01 per share. Its revenue climbed 13.8% to $519.8 million in the quarter. However, analysts were expecting earnings of $0.97 per share on revenue of $520.77 million. Total revenue per available seat fell 0.8% to 12.45 cents, while average load factor dropped 1.5 pts. Passenger flight segment volume for the quarter rose 11.2% y/y, while total revenue per PFS climbed 2.4% to $138.54. Adjusted pre-tax margin widened to 21.3% from 20.3%. The company ended the quarter 2014 with $588.5 million in unrestricted cash. Ben Baldanza, Spirit's Chief Executive Officer. "During the third quarter, the benefits of improved operational performance helped to offset cost pressures which included additional pilot costs as a result of new crew duty and rest rules as mandated under FAR 117 and the phasing of our growth. Our Bare Fare™ plus Frill Control™ business model continues to perform very well, and we are excited about the new markets we have planned for next year and are committed to successfully execute on our growth plans." Spirit Airlines shares gained 2.46% to $68.00 at 9:35 a.m. ET.