Spirit Airlines reports profit declines in 1Q2016

Spirit Airlines revenue up 9% - financial highlights for three months ended 31-Mar-2016:

• Total operating revenue: USD538.1 million, +9.1% year-on-year;
• • Passenger: USD272.6 million, -0.3%;
  • Non-ticket: USD265.5 million, +20.8%;
• Total operating costs: USD436.8 million, +13.7%;
• • Labour: USD116.4 million, +30.9%;
  • Fuel: USD86.0 million, -23.5%;
• Operating profit; USD101.3 million, -7.3%;
• Net profit: USD61.9 million, -10.3%;
• Passenger numbers: 5.0 million, +25.3%;
• Passenger load factor: 84.7%, -0.2 ppt;
• Total operating revenue per ASM: USD 8.99 cents, -13.8%;
• Average yield: USD 10.61 cents, -13.6%;
• Average ticket revenue per passenger: USD54.65, -20.5%;
• Average non-ticket revenue per passenger: USD52.23, -3.7%;
• Cost per ASM: USD 7.30 cents, -10.1%;
• Adjusted cost per ASM excl fuel: USD 5.59 cents, -2.3%;
• Average stage length: 995 miles, +0.4%;
• Total assets: USD2763 million;
• Cash and cash equivalents: USD902.8 million;
• Total liabilities: USD1485 million. [more - original PR]

Spirit Airlines: "Our greatest competitive strength is our relative cost advantage. We are focused on getting better all the time and doing so while maintaining, or improving upon, our relative cost advantage. After adjusting for the economic impact of our tentative flight attendant agreement, including the USD8.4 million ratification incentive accrual, we are confident we can hold the line on costs and now estimate our full year 2016 adjusted CASM ex-fuel will be about flat year over year," Ted Christie, CFO. Source: Company statement, 26-Apr-2016.