Spirit Airlines posts third quarter net income of US$81.4m

Spirit Airlines reported third quarter 2016 financial results. GAAP net income for the third quarter 2016 was US$81.4m, or US$86.3m excluding special items. GAAP operating margin for the third quarter 2016 was 21.8%, or 23.0% excluding special items. For the third quarter 2016, Spirit’s total operating revenue was US$621.3m, an increase of 8.1% compared to the third quarter 2015, driven by a 12.6% increase in flight volume and 0.8 point increase in load factor, partially offset by a decrease in operating yields. Spirit ended the third quarter 2016 with unrestricted cash, cash equivalents, and short-term investments of US$926.0m. Spirit’s return on invested capital (before taxes and excluding special items) for the twelve months ended September 30, 2016 was 25.3%.