Stock Alert: Spirit Airlines Stock Climbs After Revised Guidance

(RTTNews) - Shares of low-fare airline company Spirit Airlines Inc. (SAVE) climbed 7.48% in Thursday's trading session after the company raised its outlook for its total revenue per ASM (TRASM).

The stock, closed at $42.65, has been trading in a range of $32.97- $64.76 in the past one year.

The company said on Wednesday after the bell that it expects fourth-quarter total revenue per available seat mile (TRASM) to fall lesser by 3.6% year-over-year than its prior guidance of a decline of 4.5% to 6.5%.

The Airliner yesterday announced that it will start a new cross country service between Fort Lauderdale (FLL) and Oakland (OAK) from April 1. The new service will make Spirit the only airline flying OAK to FLL nonstop.

Last month, Spirit had won Low-Cost Airline of the Year at the CAPA (Centre for Aviation) World Aviation Summit. Department of Transportation, in 2019, ranked the airline third for on-time performance among U.S. carriers.

In October, the company reported 9.7% increase in third-quarter revenue to $992.0 million from the year-ago period.