Spirit Airlines profit surges on cheap fuel

Spirit Airlines said profit surged 33% in Q4 on cheaper fuel costs, though its average flight fares slid amid heavy competition. The results come about a month after Spirit unexpectedly replaced its CE, Ben Baldanza, after a period of rapid expansion for the upstart carrier, which reshaped the US airline industry but has recently seen its stock price decline. Robert Fornaro, an industry veteran who joined the company’s board in 2014, took over the role. Like many airlines, Spirit’s fourth-quarter profit was lifted by cheaper airline fuel. Overall, Spirit reported a profit of $74.4m, or $1.04 a share, up from $55.9m, or 76 cents a share, a year earlier.<br/>