Spirit Airlines forecasts weak second-quarter revenue on slow growth in domestic demand [Globe and Mail, The (Toronto, Canada)]
Spirit Airlines, Inc. (SAVE)
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Source: Globe and Mail, The
“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 to take cost-control measures. Last month, it reached a deal with planemaker Airbus to postpone all aircraft deliveries scheduled from the second quarter of 2025 and planned to furlough about 260 pilots. The airline believes along with compensation for its grounded aircraft, deferred jet deliveries and cost savings will improve its cash levels by $450-million to $550-million in 2024, Spirit said on Monday. “Spirit's advisers have started discussions with our loyalty bondholders and convert holders that come due in September 2025 and May 2026, respect
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