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TheStreet Open House

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

Stocks in this article: SAVE

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.

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