Spirit Airlines beats estimates on strong travel demand

Spirit Airlines beats estimates on strong travel demand

(Reuters) – Ultra low-cost carrier Spirit Airlines Inc posted better-than-expected quarterly results on Monday, fueled by strong demand for air travel despite ongoing economic concerns.

Shares of Spirit rose over 7% to $21 in aftermarket trade.

U.S. airlines have been trying to cash in on strong demand for air travel, undeterred by rising interest rates and a looming recession, as pandemic restrictions ease.

“Leisure demand has remained strong,” said Spirits chief executive Ted Christie.

However, adverse weather, worker shortages and technical glitches have snarled operations over the past year.

Spirit earned $0.12 per share on an adjusted basis, above analyst estimates of $0.04 per share, according to Refinitiv data.

The Miramar, Florida-based airline‘s total operating revenue in the quarter rose nearly 41% to $1.39 billion, compared with analysts’ estimates of $1.38 billion.

(Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri)

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