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Tuesday, February 7, 2023

Spirit Airlines reports third quarter 2021 net income of US$14.8 million

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Spirit Airlines (Spirit) has released its financial figures for the third quarter of 2021. The airline had US$1.9 billion in unrestricted cash, cash equivalents, short-term investment securities, and the liquidity available under its revolving credit facility at the end of the third quarter of 2021.

Spirit recorded revenue of US$922.6 million in the third quarter, with a net income of US$14.8 million.

During the quarter, the Company faced considerable operational problems, owing in part to inclement weather, which, when combined with airport staffing shortages and crew dislocations, resulted in an exceptionally high number of aircraft delays and cancellations.

Spirit decided to implement tactical schedule changes to help support its operational reliability following these disruptions, which resulted in lower-than-expected capacity growth for the quarter.

In the third quarter of 2021, the load factor was 77.6%, with a 3.5 percent capacity growth over the third quarter of 2019. Spirit’s DOT on-time performance was 68.3 percent, with a 93.5 percent completion factor.

In the third quarter of 2021, total operating revenues were US$922.6 million, down 7.0 percent from the third quarter of 2019.

Despite operational issues in the quarter and the persistent negative impact of COVID-19 on travel demand, the company saw increases in total operating revenues and operating yields from the second quarter of 2021, reaching 7.4% and 8.0 percent, respectively.

Total revenue per passenger flight segment (Segment) grew 0.7 percent to US$110.91 in the third quarter of 2021, compared to the same time in 2019.

Non-ticket revenue per Segment climbed 8.9% to US$60.30, but fare revenue per Segment declined 7.6% to US$50.61.

Spirit continues to provide good non-ticket results as a result of investments in improving product offerings and merchandising, as well as revenue management strategies that have yielded positive results.

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