Spirit Posts Higher 4Q Profit Of $43 Million

Spirit Airlines posted fourth quarter net income of $43.2 million, or 59 cents a share, up from $19.6 million and 27 cents in the 2012 period


Feb. 19--Spirit Airlines posted fourth quarter net income of $43.2 million, or 59 cents a share, up from $19.6 million and 27 cents in the 2012 period, the Miramar-based carrier announced Wednesday.

The quarter's adjusted profit was $41 million or $56 cents a share compared to $19.5 million or 27 cents a share, Spirit said.

Operating revenue in the quarter grew 27.9 percent to $420 million, the increase driven by continued strong demand and capacity growth, the low-cost carrier noted.

For 2013 Spirit had profit of $176.9 million versus $108.5 million in 2012.

"For the full year 2013, we delivered record profitability and return as demand for our low-cost, ultra-low fare model remained very high," Spirit CEO Ben Baldanza said. "These strong financial results reflect our vigilance on maintaining our cost discipline and low fare strategy while executing on our growth plan and delivering high returns for our shareholders."

Last year Spirit was the No. 2 carrier at Fort Lauderdale-Hollywood International Airport with 18.2 percent of passenger traffic behind JetBlue Airways' 19.2 percent, according to airport data.

Shares rose $2.93 -- or 6.15 percent -- to $50.59 at the close of trading on Wednesday.

asatchell@tribune.com, 954-356-4209 or Twitter@TheSatchreport.

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