For the third quarter 2022, Spirit Airlines (Spirit) has reported a net loss of US$36.4 million. Excluding special items, adjusted net income for the third quarter 2022 was US$3.6 million.
For the third quarter 2022, Spirit reported a pre-tax loss of US$48.9 million and a pre-tax margin of negative 3.6%. Adjusted pre-tax loss for the third quarter was US$1.2 million and adjusted pre-tax margin was negative 0.1%.
The company cancelled approximately 550 flights and 400 flights in September and October, respectively, related to Hurricane Ian. The company estimates the decrease in operating income attributable to the direct impact from the hurricane was approximately US$5 million in the third quarter and will be approximately US$5 million in the fourth quarter 2022. In addition, the Spirit saw some softness in bookings to Florida destinations as well as to Myrtle Beach in early October immediately following the hurricane and estimates this will negatively impact fourth quarter 2022 revenue by an additional US$3 million to US$5 million.
Total operating revenues for the third quarter 2022 were US$1.3 billion, an increase of 35.4% compared to the third quarter 2019 primarily due to increased flight volume and higher operating yields. Total revenue per ASM (TRASM) was 11.07 cents, up 19.3% compared to third quarter 2019 on 13.5% more capacity (£1.00 = US$1.16 at time of publication).