Spirit reports strong Q2 results and continued profitability

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By admin 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.

admin
By admin July 30, 2014 11:53