Spirit Airlines 4Q Hit By Sandy, High Fuel Costs

By FOXBusiness

Spirit Airlines (NASDAQ:SAVE) reported a fourth-quarter beat on the top- and bottom-lines on Tuesday despite higher fuel costs and a negative impact from Hurricane Sandy that stifled air traffic for days.

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The Miramar, Fla.-based discount airline posted net income of $19.5 million, or 27 cents a share, including a negative $25 million revenue impact from Hurricane Sandy. The results beat average analyst estimates of 24 cents in a Thomson Reuters poll.

Revenue for the three-month period was $328.3 million, topping the Street’s view of $327.8 million, fueled by a 28% improvement in revenue passenger miles to $2.5 billion amid greater capacity that boosted departures by 18%.

Shares of Spirit climbed more than 6.5% on Tuesday to $20.68.