Spirit Airlines Inc SAVE shares are trading higher by 3.63% to $16.86 Tuesday. The stock is potentially trading higher in sympathy with Delta Air Lines, Inc. after the company raised its second-quarter and 2023 guidance at its Investor Day presentation.
What Happened?
Looking at the second quarter of 2023, Delta Air Lines has raised its outlook. The company anticipates revenue growth of 17%-18%, an increase from the previous forecast of 15%-17%. Year-over-year capacity is expected to rise by 17%, and the non-fuel cost per available seat mile (CASM) is projected to increase by 1%-3%.
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In terms of earnings per share (EPS), Delta Air Lines expects it to be in the range of $2.25-$2.50, up from the previous range of $2.00-$2.25. This surpasses the consensus estimate of $2.17. The company's operating margin is anticipated to be 16%, compared to the previous range of 14%-16%.
For the full fiscal year 2023, the company now anticipates revenue growth of 17%-20%, up from the previous forecast of 15%-20%. Year-over-year capacity is expected to increase by 17%, and the non-fuel CASM is projected to remain flat.
According to data from Benzinga Pro, SAVE has a 52-week high of $25.68 and a 52-week low of $14.41.
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