Spirit Airlines forecasts weak Q2 revenue on slow growth in domestic demand [Reuters]
Spirit Airlines, Inc. (SAVE)
Last spirit airlines, inc. earnings: 2/5 04:14 pm
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Source: Reuters
May 6 (Reuters) - Spirit Airlines forecast weak second-quarter revenue on Monday due to sluggish improvement in domestic demand and grounding of dozens of its aircraft. The airline is among the most heavily impacted by issues with RTX's Pratt & Whitney Geared Turbofan engines, which have forced it to ground multiple aircraft and resulted in high labor expenses and reduced capacity. The carrier estimates it will average about 25 grounded aircraft throughout 2024, while competitors expand their capacity in Spirit Airlines' core markets such as Florida. "While the domestic environment is improving, to date it has improved at a slower rate than the company had anticipated," Spirit said on Monday. It forecast second-quarter revenue between $1.32 billion and $1.34 billion, compared with analysts' estimates of $1.46 billion, according to LSEG data. The airline has been losing money despite a robust demand environment and expectations for a strong summer season, which has forced it
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