Spirit Airlines (SAVE) Tops Q4 EPS by 2c, Beats on Revenues

Spirit Airlines (NASDAQ: SAVE) reported Q4 EPS of $0.73, $0.02 better than the analyst estimate of $0.71. Revenue for the quarter came in at $667 million versus the consensus estimate of $665.36 million.

• GAAP net income for the fourth quarter 2017 was $250.3 million ($3.63 per diluted share). GAAP net income for the fourth quarter 2017 included a one-time non-cash $199.3 million tax credit1. Excluding the one-time tax credit and special items2, net income for the fourth quarter 2017 was $50.4 million ($0.73 per diluted share)3.
• GAAP net income for the full year 2017 was $420.6 million ($6.06 per diluted share) which included the one-time tax credit1. Excluding the one-time tax credit and special items2, net income for the full year 2017 was $230.8 million ($3.33 per diluted share)3.
• GAAP operating margin for the fourth quarter 2017 was 13.9 percent, or 13.4 percent excluding special items2.
• GAAP operating margin for the full year 2017 was 14.7 percent, or 15.2 percent excluding special items2.
• Spirit ended 2017 with unrestricted cash, cash equivalents, and short-term investments of $901.8 million.
• Revenue Performance For the fourth quarter 2017, Spirit's total operating revenue was $667.0 million, an increase of 15.3 percent compared to the fourth quarter 2016, driven by a 10.4 percent increase in flight volume.
• Total revenue per available seat mile (TRASM) for the fourth quarter 2017 decreased 1.8 percent compared to the same period last year, driven by a 2.2 percent decrease in operating yields.

“I want to thank the Spirit family for their contributions throughout 2017. Together, we overcame several major operational challenges while still delivering a record on-time performance," said Robert Fornaro, Spirit’s Chief Executive Officer. “Looking ahead to 2018, we are focused on finalizing a deal with our pilots union, improving upon our operational reliability, continuing to enhance our guest experience, and delivering earnings growth for our shareholders.”

For earnings history and earnings-related data on Spirit Airlines (SAVE) click here.

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