Spirit 2Q profit rises 54 percent, tops estimate

MarketsAssociated Press

Spirit Airlines Inc. (SAVE) on Tuesday reported net income that increased by 54 percent in its second quarter, and topped analysts' expectations.

The Miramar, Florida-based company said net income increased to $64.8 million, or 88 cents per share, from $42.1 million, or 58 cents per share, in the same quarter a year ago.

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Earnings, adjusted for non-recurring costs, came to 91 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.

The airline said revenue climbed 23 percent to $499.3 million from $407.3 million in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $497 million, according to Zacks.

Spirit shares have climbed $22.31, or 49 percent, to $67.72 since the beginning of the year. The stock has risen $32.33, or 91 percent, in the last 12 months.

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This story was generated automatically by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Full SAVE report: http://www.zacks.com/ap/SAVE

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Keywords:Spirit,Earnings Report