This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Spirit Airlines Reports Highest Second Quarter Pre-Tax Margin In Company History

MIRAMAR, Fla., July 24, 2013 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (Nasdaq:SAVE) today reported second quarter 2013 financial results.

  • Adjusted net income for the second quarter 2013 increased 29.6 percent to $45.8 million 1 ($0.63 per diluted share) compared to $35.3 million 1 ($0.49 per diluted share) for the second quarter 2012. GAAP net income for the second quarter 2013 was $42.1 million ($0.58 per diluted share) compared to $34.6 million ($0.48 per diluted share) in the second quarter 2012.
  • Spirit achieved an adjusted pre-tax margin of 17.8 percent 1 and a GAAP pre-tax margin of 16.4 percent for the second quarter 2013.
  • Spirit ended the second quarter 2013 with $525 million in unrestricted cash.
  • Spirit's return on invested capital (before taxes and excluding special items) for the last twelve months ended June 30, 2013 was 28.8 percent. See "Calculation for Return on Invested Capital" table below for more details.

"Our team did a great job delivering strong second quarter results and liberated over three million passengers from high fares. Spirit's average base fare per passenger segment in the second quarter 2013 was $77.51, a decrease of 4.4 percent year over year.  Our strategy to allow customers to choose what they value for their travel experience results in our customers paying a total price that is almost always less than what they would pay on other airlines," said Ben Baldanza, Spirit's Chief Executive Officer.  "Spirit's low cost, low fare, and high choice strategy is appealing to a growing base of smart value-conscious consumers and we look forward to bringing low fares to more places as we grow."

Revenue Performance 

For the second quarter 2013, Spirit's total operating revenue was $407.3 million, an increase of 17.6 percent compared to the second quarter 2012.

Total revenue per available seat mile ("RASM") for the second quarter 2013 was 11.91 cents, a decrease of 2.8 percent compared to the second quarter 2012. The calendar shift of Easter occurring in March this year compared to in April in 2012 negatively impacted second quarter 2013 results.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.57 -9.57 -0.05%
S&P 500 2,112.21 -5.48 -0.26%
NASDAQ 5,065.7180 -26.3670 -0.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs