Spirit Airlines (SAVE) Sees Q3 TRASM Down ~7%; Updates on Operating Metrics

October 17, 2016 7:28 AM EDT
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Spirit Airlines (NASDAQ: SAVE) provided the following update on Monday morning:

Third Quarter 2016
We estimate our total revenue per available seat mile (TRASM) for the third quarter 2016 was down approximately 7 percent year over year, 200 basis points better than our initial expectation. While system yields are still down year over year, throughout the quarter we saw improvement in passenger yields driven by our own revenue initiatives as well as a modest improvement in close-in industry yields. As anticipated, we saw a modest decrease in non-ticket revenue per passenger flight segment (PFS) for the third quarter 2016 ending the quarter with an estimated $51.17 in non-ticket revenue per PFS.
3Q16E
Capacity - Available Seat Miles (ASMs)
Year-over-Year % Change
16.2%
Adjusted Operating Expense Ex-Fuel per ASM (CASM) (cents)(2)
5.49
-
5.54
Average Stage Length (miles)
968
Fuel Expense ($)
Fuel gallons (millions)
78.3
Economic fuel cost per gallon(3)
$1.56
Selected Operating Expenses ($Millions)
Aircraft rent
$49.4
Depreciation and amortization
$25.3
Interest Expense, net of Capitalized Interest ($Millions)
Interest expense
$11.5
Capitalized interest
$(3.0)
Interest expense, net of capitalized interest
$8.5
Effective Tax Rate
37%
Wtd. Average Diluted Share Count (Millions)
69.8
Footnotes
(1)
Excludes special items which may include loss on disposal of assets and special charges.
(2)
Excludes all components of fuel expense, loss on disposal of assets, and special charges.
(3)
Includes fuel taxes and into-plane fuel cost.


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