Spirit Airlines lowers Q3 guidance

Spirit Airlines issued a warning that higher fuel prices and discounted travel for the second half of the third quarter would impact Q3 revenue. Spirit now expects Q3 revenue of $1.245bn to $1.255bn compared to previous guidance in the range of $1.3bn to $1.32bn and the consensus mark of $1.32bn.  The airline now expects an adjusted operating margin of -14.5% to -15.5% compared to the prior range of -5.5% to -7.5%. Fuel cost per gallon is expected to be $3.06 compared to $2.80 previously indicated. Available seat miles forecast was lowered slightly at 13.4% compared to 13.7% in the prior