Spirit Airlines made a $508 million operating loss in 2020 but plans to return to full pre-pandemic capacity levels by the summer travel season and take delivery of 16 aircraft by year-end.
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The number of opponents to a possible Covid-19 testing requirement for all U.S. domestic flights keeps rising. From the halls of Congress to the nation’s largest airlines, just about everyone with a stake in travel is lining up against a policy that is widely believed to be the equivalent of taking a sledgehammer to kill a fly a potentially large economic hit that could do little to stop the spread of the virus.
South Florida-based Spirit Airlines, the country’s largest ultra low-cost carrier or one defined by low costs and low fares plus extra fees for just about every amenity is the latest to weigh in. Executives warn of a dramatic impact on travel demand plus high implementation costs, especially at a time when the U.S. is still struggling to expand coronavirus testing capacity.
Spirit Airlines, Inc. reported fourth quarter and full year 2020 financial results. Ended the year 2020 with $1.9 billion of unrestricted cash, cash equivalents and short-term investment securities Fourth Quarter 2020 Fourth Quarter 2019 As Reported Adjusted As Reported Adjusted (GAAP) (non-GAAP) 1 (GAAP) (non-GAAP) 1 Total Operating Revenues $498.5 million $498.5 million $969.8 million $969.8 million…
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Spirit Airlines Reports Fourth Quarter and Full Year 2020 Results
Spirit Airlines, Inc.February 10, 2021 GMT
MIRAMAR, Fla., Feb. 10, 2021 (GLOBE NEWSWIRE) Spirit Airlines, Inc. (NYSE: SAVE) today reported fourth quarter and full year 2020 financial results.
Ended the year 2020 with $1.9 billion of unrestricted cash, cash equivalents
and short-term investment securities
$(1.61)
$1.24
“Soft demand driven by pandemic-related concerns continues to have a significant impact on our operating results. However, our leading low-cost structure remains a key advantage and positions us well to compete in this environment and beyond. Our load factor and Adjusted EBITDA margin for the fourth quarter 2020 are among the best in the industry, illustrating the strength of our business model,” said Ted Christie, Spirit’s President and Chief Executive Officer. “While the road to recovery is