Spirit reports strong Q2 results and continued profitability

Dino D'Amore
By Dino D'Amore July 30, 2014 11:53

Spirit reports strong Q2 results and continued profitability

Florida-based Spirit Airlines has posted a Q2 net profit of $64.8 million, up 54.2% year-on-year from $42.1 million net income during Q2 2013.

Spirit has recorded ongoing profitability with its Q1 $37.7 million net profit, which was a 23.4% improvement over 2013’s first-quarter.

Spirit also reported a record Q2 adjusted net income of $66.5 million, up 45.2% year-on-year compared with the company’s adjusted net income of $45.8 million in the Q2 2013.

Spirit CEO Ben Baldanza said: “[We] delivered another strong quarter. Our efforts have produced material improvements in the controllable components of our cost structure which contributed to the 3.5% year-on-year increase in our adjusted operating margin.”

Spirit’s operating revenue for Q2 was $499.3 million, up 22.6% year-on-year. Operating expenses grew 15.7% to $394.2 million, producing operating income of $105.1 million, up 57.5% from Q2 2013. “The increase was driven by our growth in flight volume, higher load factors and higher operating yields,” Spirit said.

Dino D'Amore
By Dino D'Amore July 30, 2014 11:53