Spirit Airlines Shares Dip Despite Q3 Beat, High Fuel Prices Likely To Curb Q4 Margin
Portfolio Pulse from Lekha Gupta
Spirit Airlines Inc (NYSE:SAVE) reported Q3 FY23 revenue of $1,259 million, a 6.3% Y/Y decline but beating the consensus of $1,258 million. Adjusted EPS loss of $(1.37) also beat the consensus of $(1.48). Passenger revenues fell 6.7% Y/Y to $1,234 million, while other revenue rose 16.7% Y/Y to $24.6 million. The company warned that higher fuel prices and NEO engine availability issues are expected to lower Q4 margins. Spirit's shares are trading lower by 4.59% at $16.01.
October 26, 2023 | 3:22 pm
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Spirit Airlines reported a Q3 FY23 revenue beat but warned of lower Q4 margins due to higher fuel prices and NEO engine availability issues. Shares are down 4.59%.
Despite beating Q3 FY23 revenue and EPS consensus, Spirit Airlines' shares are trading lower. The company's warning of lower Q4 margins due to higher fuel prices and NEO engine availability issues is likely causing investor concern, leading to the drop in share price.
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IMPORTANCE 80
RELEVANCE 100