Spirit posts US$81m Q3 net gain; competitive pricing hits yields
Spirit Airlines reported US$81.4m net income for Q3 2016, down 16.2% year-over-year from a $97.1m net profit in Q3 2015. Excluding special items, which in Q3 2016 were primarily related to lease termination costs, Spirit’s adjusted net income for Q3 2016 was $86.3m. Spirit’s Q3 revenue increased 8.1% YOY to $621.3m, as expenses grew 16.4% YOY to $486.1m, producing an operating profit of $135.2m, down 14% from the airline’s $157.2m operating income in the prior-year September quarter. “During the quarter we benefited from our own revenue initiatives, as well as a modest improvement in the industry pricing environment,” Spirit president and CE Bob Fornaro said. “We continue to see constructive trends that support additional yield improvements in Q4.” <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-10-26/unaligned/spirit-posts-us-81m-q3-net-gain-competitive-pricing-hits-yields
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Spirit posts US$81m Q3 net gain; competitive pricing hits yields
Spirit Airlines reported US$81.4m net income for Q3 2016, down 16.2% year-over-year from a $97.1m net profit in Q3 2015. Excluding special items, which in Q3 2016 were primarily related to lease termination costs, Spirit’s adjusted net income for Q3 2016 was $86.3m. Spirit’s Q3 revenue increased 8.1% YOY to $621.3m, as expenses grew 16.4% YOY to $486.1m, producing an operating profit of $135.2m, down 14% from the airline’s $157.2m operating income in the prior-year September quarter. “During the quarter we benefited from our own revenue initiatives, as well as a modest improvement in the industry pricing environment,” Spirit president and CE Bob Fornaro said. “We continue to see constructive trends that support additional yield improvements in Q4.” <br/>
