Spirit Airlines Says On Track To Achieve $100M Of Annual Run-Rate Cost Savings With Approximately $75M Expected To Be Achieved By Year-End 2024
Portfolio Pulse from Benzinga Newsdesk
Spirit Airlines is on track to achieve $100 million in annual run-rate cost savings, with $75 million expected by the end of 2024. The company is implementing various cost-saving initiatives, including suspending recruitment, offering voluntary unpaid leaves, and realigning its network by exiting 42 markets and adding 77 new ones. Additionally, Spirit has deferred aircraft orders with Airbus to 2030-2031.
August 01, 2024 | 9:56 am
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Spirit Airlines is on track to achieve $100 million in annual run-rate cost savings, with $75 million expected by the end of 2024. The company is implementing cost-saving initiatives such as suspending recruitment, offering voluntary unpaid leaves, and realigning its network by exiting 42 markets and adding 77 new ones. Additionally, Spirit has deferred aircraft orders with Airbus to 2030-2031.
The cost-saving measures and network realignment are likely to improve Spirit Airlines' financial health and operational efficiency. This could positively impact the stock price in the short term as investors may view these initiatives as steps towards better profitability.
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