Spirit Airlines reports Q2 adjusted EPS 29c, consensus 38c

Reports Q2 revenue $1.43B, consensus $1.47B. Aircraft utilization in Q2 was 11.3 hours, up 5.6%. “Unit revenue for the second quarter 2023 was strong and well above pre-Covid historical averages,” said Ted Christie, Spirit’s president and CEO. “However, demand for the peak summer travel period has been softer than expected, resulting in lower fare levels on the routes we serve. This summer we are comparing to a period of exceptionally strong domestic and near-field international demand in 2022, while at the same time seeing demand shift away from these regions towards long-haul international. Difficult weather and challenging Air Traffic Control initiatives are also creating a significant headwind to unit revenue.”