Spirit Airlines profit beats Wall St view
Spirit Airlines said Tuesday its quarterly profit rose more than 400% on the back of a one-time credit benefit from the US tax code overhaul. The airline said on an adjusted basis it earned 73 cents per share, beating analyst consensus estimates of 71 cents per share. Q4 net income was US$250.34m, including a one-time non-cash tax credit of $199.3m, Spirit said. Net income in the year-ago period was $48.5m. Q4 operating costs fell 4.4% on lower salaries and wages for employees and a decrease in aircraft rent. A new pilot contract, which includes an average pay increase of 43% for the carrier's 1,800 pilots, will significantly hike costs if ratified later this month. Sharply higher fuel costs also weigh on the bottom line. Spirit's fuel cost per gallon rose 20.1% and its gallons consumed increased 15.5%. <br/>
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Spirit Airlines profit beats Wall St view
Spirit Airlines said Tuesday its quarterly profit rose more than 400% on the back of a one-time credit benefit from the US tax code overhaul. The airline said on an adjusted basis it earned 73 cents per share, beating analyst consensus estimates of 71 cents per share. Q4 net income was US$250.34m, including a one-time non-cash tax credit of $199.3m, Spirit said. Net income in the year-ago period was $48.5m. Q4 operating costs fell 4.4% on lower salaries and wages for employees and a decrease in aircraft rent. A new pilot contract, which includes an average pay increase of 43% for the carrier's 1,800 pilots, will significantly hike costs if ratified later this month. Sharply higher fuel costs also weigh on the bottom line. Spirit's fuel cost per gallon rose 20.1% and its gallons consumed increased 15.5%. <br/>
