Spirit Airlines Preliminary Q4 Revenue At High End Of Initial Guidance; Stock Surges

(RTTNews) - Spirit Airlines, Inc. (SAVE) said its fourth quarter total revenue is expected to be at the high end of the company's initial guidance, as bookings for the peak travel period over Christmas and New Years were strong. Fourth quarter total revenues are projected to be $1.32 billion. Adjusted operating margin guidance for the fourth quarter is positively revised 450 basis points from negative 15 to 19 percent to negative 12 to 13 percent. Operating expenses are estimated to come in better than expected, the company noted. As of December 31, 2023, the company had $1.3 billion of liquidity, including unrestricted cash and cash equivalents, short-term investment securities and $300 million of liquidity under revolving credit facility.

For the first quarter, the company estimates capacity growth will be up 1 to 2 percent year over year.

Spirit also stated that it continues to believe that a combination with JetBlue is the best opportunity to increase much needed competition and choice by bringing low fares and great service.

Shares of Spirit Airlines are up 33% in pre-market trade on Friday.

The company plans to conduct a conference call to discuss fourth quarter results and its forward outlook on February 8, 2024.

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