He was impressed with what he called Spirit’s “solid" update of second-quarter earnings. The company said it expected a modestly positive margin based on earnings before interest, taxes, depreciation and amortization for the period.
Spirit’s stock value seems to have “opened” following an 8% decline since March, Trent said.
Trent expects stronger unit revenue and revenue per available seat mile going forward.
In other airline news, Delta Air Lines (DAL) - Get Free Report and American Airlines (AAL) - Get Free Report delivered underwhelming second-quarter revenue forecasts at the Bernstein Annual Strategic Decisions Conference on June 3.
Delta estimated adjusted revenue will total $6 billion to $6.2 billion for the second quarter, down 50% to 52% from the 2019 quarter, a year before the COVID pandemic.
American estimated second-quarter revenue will slump about 40% from the corresponding 2019 period.
Also on June 3, United Airlines (UAL) - Get Free Report said it agreed to buy 15 of Boom Supersonic's Overture airliners and took an option for 35 additional aircraft, once they satisfy the carrier's safety, operating and sustainability requirements. The carrier declined to disclose financial terms of the accord.
In May, American said that it would maintain its suspension of alcohol sales in its main cabin through Sept. 13. That move comes amid rowdy behavior from passengers, including physical and emotional abuse of staff.