Spirit Airlines (SAVE) Tops Q4 EPS by 3c

Spirit Airlines (NASDAQ: SAVE) reported Q4 EPS of $0.77, $0.03 better than the analyst estimate of $0.74. Revenue for the quarter came in at $578.4 million versus the consensus estimate of $578.35 million.

• GAAP net income for the fourth quarter 2016 was $48.5 million ($0.70 per diluted share), or $53.9 million ($0.77 per diluted share)1, excluding special items.
• GAAP net income for the full year 2016 was $264.9 million ($3.76 per diluted share), or $291.0 million ($4.13 per diluted share)1, excluding special items.
• Spirit ended 2016 with unrestricted cash, cash equivalents, and short-term investments of $801.1 million.
• Spirit's return on invested capital (before taxes and excluding special items) for the twelve months ended December 31, 2016 was 23.0 percent2.

“Throughout 2016, we made solid progress towards our goal of consistent reliability. We improved our on-time performance3 by 5.2 percentage points and we made great progress in lowering the number of complaints reported to the Department of Transportation. We started the year with a complaint ratio of over 11 per 100,000 customers and by year-end we were under 4 per 100,000 customers. We also maintained our focus on controlling costs, which together with our own revenue initiatives, and an improved industry pricing environment, helped us to achieve a full year 2016 operating margin of 19.1 percent, or 20.9 percent4, excluding special items,” said Bob Fornaro, Spirit’s President and Chief Executive Officer. “I thank the entire Spirit team for their efforts and dedication to improve our operations and for delivering solid financial results."

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

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