Uber just unveiled a new way to get to the airport.
Spirit Announces First-Quarter Earnings, But Focus Turns to Second Quarter
07.05.2024 - 18:49 / travelpulse.com / Spirit Airlines / North America / Ted Christie / Rich Thomaselli
Spirit Airlines announced its first-quarter earnings on Monday, but the focus was on the second quarter. And it wasn’t good news.
Because of a variety of factors, Spirit expects diminished growth in Q2. Almost immediately after the market opened this morning, the stock price fell nearly nine percent.
The company is forecasting revenue in the second quarter to be as much as $120 million below what analysts are predicting.
One significant factor contributing to the reduced growth expectations is the engine problem, which will force Spirit to ground nearly two dozen planes. This, coupled with the delayed airplane deliveries from Airbus, will result in a smaller capacity than usual.
“Spirit's advisers have started discussions with our loyalty bondholders and convert holders that come due in September 2025 and May 2026, respectively, and expect a resolution at some point this summer," Chief Financial Officer Scott Haralson said.
The first quarter saw a loss of $1.46 per share, which is a penny more than analysts' predictions of $1.45 per share.
"While we reported a loss in the first quarter 2024, we are making progress towards our financial goals," said Ted Christie, Spirit's President and Chief Executive Officer. "I thank the entire Spirit team for their continued focus on running a reliable operation and delivering value to our guests as we implement our go-forward standalone plan."
"There are numerous steps to rollout the plan in a successful, orderly fashion, but we are on track and we are excited to unveil the milestones to you over the coming months," Christie continued. "The competitive environment remains challenging due to elevated capacity in many of the markets we serve. Nevertheless, we are confident that the strategic changes we are implementing, together with our cost saving initiatives, will allow Spirit to compete effectively in today's marketplace and drive continuous improvement in the years ahead."
Spirit was expecting a positive cash flow in the second quarter.
For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.
The website maxtravelz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Autors
Popular Topics
forbes.com
16.05.2024 / 14:15
Michelin Announces 2024 Picks For Outstanding Hotels In Italy
As tourists flock to Italy this summer, it may be tough to snag a reservation at one of the 146 hotels recently recognized with “Michelin Keys.”
forbes.com
16.05.2024 / 11:49
How Gainsborough Bath Spa Captures The Spirit Of Bath
“The hotel is one of the most unique properties in the whole of the UK, “ says Gainsborough Bath Spa’s general manager, Marc Mac Closkey. The Dublin-born hotel manager is a natural raconteur, but he’s not putting a PR spin on what are the charms of the hotel, carved out of two Grade II listed buildings in the heart of Bath—it is genuinely one-of-a-kind.
skift.com
15.05.2024 / 22:05
Expedia Lets Influencers Cash In, Announces AI Product Updates
With TikTok facing a potential U.S. ban, Expedia Group has introduced Travel Shops, a way for influencers and other content creators to earn commissions when travelers book their recommended hotels.
travelpulse.com
14.05.2024 / 19:41
Disney World Announces Opening Date for Tiana's Bayou Adventure
Tiana's Bayou Adventure at Walt Disney World Resort. (Photo Credit: Walt Disney World Resort Media)
travelpulse.com
14.05.2024 / 19:41
Delta Air Lines Announces Major Summer Schedule Expansion and Improved Flight Experience
Delta Air Lines is expecting a busy summer as it prepares to start rolling out its biggest-ever international schedule.
travelandleisure.com
13.05.2024 / 18:05
Disney Announces Opening Date for 'Princess and the Frog' Ride — and We're 'Almost There'
Tiana’s Bayou Adventure will officially open on June 28 at Magic Kingdom Park at Walt Disney World, the company announced Sunday night.
skift.com
10.05.2024 / 13:13
Airline Credit Cards, Frequent Flyer Programs Under Scrutiny
Have the loyalty programs of the biggest U.S. airlines grown so huge that smaller airlines can’t compete? That was one of the concerns during a hearing Thursday with the Department of Transportation and the Consumer Financial Protection Bureau.
skift.com
08.05.2024 / 22:15
These Are the Countries To Watch in Europe’s Tourism Recovery
Europe was close to reaching its pre-pandemic tourism levels last year, but some countries started to go above and beyond in early 2024, according to a recent report from the European Travel Commission.
travelandleisure.com
08.05.2024 / 20:23
See Which U.S. Airline Just Ranked the Highest in Customer Satisfaction
Airlines have new bragging rights ahead of the busy summer travel season. For the third year in a row, Southwest Airlines was ranked as the top airline for customer satisfaction for economy or basic economy, according to JD Power's 2024 North America Airline Satisfaction Study published on Wednesday.
breakingtravelnews.com
08.05.2024 / 08:11
World Travel Awards announces Indian Ocean 2024 winners
World Travel Awards – the leading authority that recognises and rewards excellence in travel and tourism – has revealed its Indian Ocean 2024 winners. The announcement coincides with the start of Arabian Travel Market, the region’s leading industry event.
breakingtravelnews.com
08.05.2024 / 08:11
Disneyland Resort Announces 2024 Summer Ticket Offer
Disneyland Resort is celebrating summer and announcing a new, limited-time ticket offer and new hotel offers, giving guests flexible options and a great way to save to enjoy three days of magic at The Happiest Place on Earth. With thrilling adventures, popular attractions, beloved Disney characters and refreshing summertime treats, there’s something for everyone at Disneyland Park and Disney California Adventure Park.