DALLAS — Spirit Airlines (NK) has released its financial results for the fourth quarter and full year of 2023. The company reported a total operating revenue of US$1.32 billion and a net loss of US$183.7 million for the fourth quarter.
Spirit’s President and CEO, Ted Christie, expressed optimism for the year ahead, stating that the company is starting to see positive results from changes implemented in 2023. He also mentioned that current booking trends indicate a rebound in the domestic travel market.
According to the CEO, these factors, combined with ongoing adjustments, will significantly improve revenue in the first quarter of 2024 and contribute to a domestic recovery for the company in the coming year. Christie assured his team was focused on implementing strategies to generate cash flow and profitability in 2024.
Spirit’s 2023 Operations
In the fourth quarter of 2023, the airline achieved an 80.1% load factor, indicating strong passenger demand. The company also reported a Department of Transportation (DOT) on-time performance of 76.8% and a DOT Completion Factor of 99.2%.
The company’s strong operational performance during the peak holiday period contributed US$10 million in additional revenue, surpassing revenue guidance for the fourth quarter and exceeding cost performance expectations. In January 2024, Spirit was ranked as the second most reliable airline.
However, despite these achievements, Spirit reported a net loss of $1.68 per diluted share for the fourth quarter. The adjusted net loss was US$148.7 million, excluding special items, or US$1.36 per diluted share. The pre-tax loss for the fourth quarter was US$228.3 million, with an adjusted pre-tax loss of US$192.2 million. Christie pointed out that these financial results reflected the challenging operating environment faced by the airline industry during this period.
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