Published on 9 May 2024 on Benzinga
Spirit Down on Wider-Than-Expected Q1 Loss & Bleak View - CSX (NASDAQ:CSX), Delta Air Lines...
Shares of Spirit Airlines SAVE declined 9.7% on Monday, closing the trading session at $3.35 per share. The unimpressive price performance followed the company's first-quarter 2024 earnings, wherein the Miramar, FL-based carrier reported a wider-than-expected loss. Adding to the woes, revenues were also lower than anticipated. More than the quarterly earnings report, it was the company's bleak forecast that disappointed investors. Management stated that it would average about 25 grounded aircraft through the rest of 2024. The reduced fleet-size is likely to hamper growth, in turn hurting SAVE's ability to compete effectively with its rivals as they expand in key markets.
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