Consensus is $1.32B. During the last few weeks, the company said it has seen heightened promotional activity with steep discounting for travel booked for the second half of the third quarter through the pre-Thanksgiving travel period. In addition, fuel prices have increased since the company gave its guidance for the third quarter. As such, the company has reduced its third quarter 2023 outlook. Spirit now sees an adjusted operating margin of (14.5%)-(15.5%) vs. prior (5.5%)-(7.5%) view and ASMs up 13.4% y/y vs. previous view of 13.7%.
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