NEW YORK (TheStreet) -- Shares of Spirit Airlines (SAVE) - Get Report were rising 5.23% to $49.29 on heavy trading volume late Tuesday morning after the company reported better-than-expected results for the 2016 third quarter.

Before today's opening bell, the Miramar, FL-based airline posted adjusted earnings of $1.24 per diluted share, exceeding analysts' estimates of $1.17 per share.

Revenue rose 8.1% to $621.3 million year-over-year and was higher than Wall Street's forecasts of $617.7 million.

"During the third quarter 2016, we saw sequential improvement in total revenue directly related to our own revenue initiatives as well as a modest improvement in the industry pricing environment, and are encouraged by the constructive trends we are seeing," CEO Bob Fornaro said in a statement.

Total revenue per available seat mile fell 7% year-over-year during the period. This was primarily due to a drop in passenger yield due to industry competitive pricing pressures, Spirit said.

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More than 2.49 million of the company's shares changed hands so far today vs. its average 30-day volume of 1.38 million shares per day.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and solid stock price performance.

The team believes its strengths outweigh the fact that the company shows weak operating cash flow.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: SAVE

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