Spirit's operating income nears $50 million for Q1

Washington DC
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Spirit Airlines reports operating income of $49.7 million for the first quarter of 2013, up 33% from $37.2 million for the same period last year, the Miramar, Florida-based carrier reports today.

The results come as the airline continues to expand outside its Fort Lauderdale base into major hub airports nationwide, including Dallas-Fort Worth, Houston, Detroit, Denver and Minneapolis-St. Paul.

Spirit reports operating revenue of $370.4 million during the period, up 23%, and operating expenses of $320.8 million, up 21%. Net income for the period was $30.6 million, up 31% from $23.4 million during the same period last year.

The carrier ended the quarter with $483.5 million in unrestricted cash.

Revenue per available seat mile (RASM) was 11.85 cents, up 1.7%, and cost per available seat mile (CASM), excluding fuel and special items, inched up 0.8% to 6.04 cents, Spirit reports.

Spirit says that average passenger fares were $79.09, up 3%, and average non-ticket revenue per flight segment climbed nearly 6% to $54.75 during the period.

The increase in non-ticket revenue was due primarily by new advance purchase restrictions on baggage and other pricing changes for optional services, the airline reports.

During the quarter Spirit took delivery of two used Airbus A319 aircraft and two new A320 aircraft, including one with sharklets.

Spirit ends the quarter with 49 aircraft in its fleet.