Spirit Airlines beats estimates on strong travel demand

Ultra low-cost carrier Spirit Airlines posted better-than-expected quarterly results on Monday, fueled by strong demand for air travel despite ongoing economic concerns. Shares of Spirit rose over 7% to $21 in aftermarket trade. US airlines have been trying to cash in on strong demand for air travel, undeterred by rising interest rates and a looming recession, as pandemic restrictions ease. "Leisure demand has remained strong," said Spirit's CE Ted Christie. However, adverse weather, worker shortages and technical glitches have snarled operations over the past year. The Miramar, Florida-based airline's total operating revenue in the quarter rose nearly 41% to $1.39b, compared with analysts' estimates of $1.38b.<br/>