Spirit's Q2 operating profit grows to $66.8m

Washington DC
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Spirit Airlines reported another profitable quarter today, earning an operating profit of $66.8 million during the second quarter, up 21.1% from the same period last year.

Spirit's operating revenue during the period was $407.3 million and operating expenses were $340.6 million. Its net profit rose 21.6% to $42 million, according to a media statement from the Miramar, Florida-based low-cost carrier.

The airline's adjusted pre-tax margin for the period was 17.8%.

"Spirit's low cost, low fare, and high-choice strategy is appealing to a growing base of smart value-conscious consumers and we look forward to bringing low fares to more places as we grow," says Ben Baldanza, Spirit's chief executive, in the statement.

Spirit reports that its total revenue per available seat mile (RASM), declined 2.8% in the second quarter to 11.9 cents, while its cost per available seat mile (CASM) was 10 cents, down 3.3%.

Available seat miles climbed 21% , and the load factor for the period was 85.7%, down nearly one percentage point from the second quarter of 2012.

The company's average ticket revenue per passenger flight segment was $77.51, down from $81.06 in the second quarter last year, but average non-ticket revenue climbed 3.8% year-over-year to $53.43.

Spirit ended the quarter with $525 million in unrestricted cash.