Spirit Airlines Introduces Three New International Routes from Houston
May 11 15
Spirit Airlines has introduced three new international routes from Houston and four new domestic routes from Atlanta and Chicago. Spirit Airline's International routes include: three times a week service between Houston and Cancun, which will be increased to daily on June 12; two times a week service between Houston and Los Cabos, which will be increased to four times a week on June 11; and two times a week service between Houston and Toluca/Mexico City, which will be increased to three times a week on June 11. Spirit Airline's Domestic routes include: daily services between Atlanta and Cleveland; between Atlanta and Las Vegas; between Atlanta and Orlando; and between Chicago and Latrobe/Pittsburgh. Spirit Airlines operates an average of 360 daily flights to 57 destinations and continues to grow. This summer brings more international flights from Houston as new nonstop service to and from Managua, Nicaragua; San Jose, Costa Rica; San Pedro Sula, Honduras; and San Salvador, El Salvador begin on May 28. At Atlanta's Hartsfield-Jackson International Airport, Spirit will also expand its nonstop service to the following new cities: Baltimore/Washington, D.C., Philadelphia, and Tampa (beginning June 18); Los Angeles (beginning August 20); and Boston and Fort Myers (beginning September 10).
Spirit Airlines Begins Service to Latin American Destinations
May 7 15
Spirit Airlines joined the Houston Airport System's growing list of international airline partners with the launch of its first of several new flights to Latin America from George Bush Intercontinental Airport (IAH). Spirit passengers bound for Cancun, Mexico were treated to complimentary lunch and cake celebrating the beginning of a new chapter for the low-cost carrier. The company will add six additional Latin American destinations in the coming days, with non-stop service to Los Cabos, Mexico; Toluca, Mexico; Managua, Nicaragua; San Jose, Costa Rica; San Pedro Sula, Honduras; and San Salvador, El Salvador available. The debut is part of the steady growth by Spirit, which announced last year the addition of 10 new non-stop destinations out of IAH, bringing its total of routes served to 22. This includes expanded domestic service to Tampa and Baltimore/Washington, which began in March, and nonstop service to Oakland/San Francisco, which began in April. The expansion nearly doubled the nonstop service offered by Spirit from Bush Intercontinental, adding to a roster that already includes flights to Chicago-O'Hare, Denver, Detroit, Fort Lauderdale, Kansas City, Las Vegas, Los Angeles, Minneapolis/St. Paul, New Orleans, Orlando, and San Diego. The new routes will make Spirit one of the busiest carriers operating out of IAH.
Spirit Airlines, Inc. Reports Unaudited Earnings and Operating Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Quarter of 2015
Apr 29 15
Spirit Airlines, Inc. reported unaudited earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported total operating revenues of $493,355,000 compared to $437,987,000 a year ago. Operating income was $109,251,000 compared to $59,953,000 a year ago. Income before income taxes was $109,034,000 compared to $59,984,000 a year ago. Net income was $69,002,000 or $0.94 per basic and diluted share compared to $37,706,000 or $0.51 per diluted share a year ago. Net cash provided by operating activities was $167,835,000 compared to $90,639,000 a year ago. Purchase of property and equipment was $184,609,000 compared to $4,086,000 a year ago. Income before income taxes, non-GAAP was $111,749,000 compared to $60,143,000 a year ago. Adjusted net income, non-GAAP was $70,720,000 or $0.96 per diluted share compared to $37,806,000 or $0.52 per diluted share a year ago. Operating income, non-GAAP was $111,966,000 compared to $60,112,000 a year ago. Top line revenue for the first quarter 2015 grew 12.6% year-over-year, with total revenue per ASM decreasing 9.9% on a capacity increase of 25%.
For the quarter, the company reported available seat miles of 4,729,463,000 compared to 3,784,727,000 a year ago. Revenue passenger miles were 4,017,559,000 compared to 3,289,287,000 a year ago. The RASM decrease was primarily driven by a 7.8% decrease in average yield due to the ramp up of growth in new and mature markets, overall fare compression in many of markets, and increased capacity from other carriers in the Dallas markets. These same factors resulted in first quarter ticket revenue per passenger flight segment decreasing 11.7% or $9.08 year-over-year. Load factor was 84.9% compared to 86.9% a year ago.
For the second quarter of 2015, the company estimate operating margin will be between 24.5% and 26.5%, which represents a year-over-year improvement of approximately 300 to 500 basis points.