Frontier Airlines

descended sharply Tuesday, a day after posting an after-hours profit warning.

Shares fell $11.75, or 32.9%, to $24.06 in recent

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Nasdaq

trading.

The Denver-based airline said it expected earnings in its fiscal fourth quarter to be between 38 cents and 48 cents a share. Three analysts polled by

First Call/Thomson Financial

estimated Frontier would earn 59 cents in the quarter. The company earned 36 cents in the year-ago period.