Spirit Airlines Stock Falls On Soft Preliminary Q2 Revenue Estimates

Spirit Airlines Inc. SAVE shares are trading lower after the company announced soft second-quarter preliminary revenue estimates Tuesday.

The Details: Spirit Airlines estimated total revenue for the second quarter of 2024 to be approximately $1.28 billion, lower than previously expected primarily due to lower-than-expected non-ticket revenue.

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The company said non-ticket revenue for the quarter underperformed its initial estimate and attributed the underperformance to incremental pressure on ancillary pricing due to changes in the competitive marketplace. The company estimates non-ticket revenue per passenger segment will be about $64 for the second quarter of 2024, several dollars lower than previously anticipated.

The company said it had anticipated significant pressure on leisure ticket yields throughout the second quarter and continuing into the third quarter due to large industry capacity increases. Estimated ticket revenue per segment for the second quarter was in-line with the company's previous expectations.

SAVE Price Action: According to Benzinga Pro, Spirit Airlines shares are down 5.70% after-hours at $2.98 at the time of publication Tuesday.

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Photo: Courtesy Spirit