Spirit Airlines Q2 Beats Street On EPS And Revenues; Shares up More Than 3% Early

7/29/14, 7:23
06:23 AM EDT, 07/29/2014 (MT Newswires) -- Spirit Airlines (SAVE) has reported Q2 earnings per share and revenues that beat the Street view, driven by growth in flight volume, higher load factors, and higher operating yields.

Adjusted EPS of $0.91 was up from $0.63 in Q2 2013 and beat analyst estimates of $0.90. Total operating revenue was $499.3 million, up from $407.33 million in Q2 2013 and surpassing analyst projections of $498.74 million.

"While growing our capacity 17.2% year over year, we grew our top line 22.6% year over year," said Ben Baldanza, Spirit's Chief Executive Officer. "Our efforts to drive operational excellence have produced material improvements in controllable components of our cost structure which contributed to the 3.5 percentage point year-over-year increase in our Adjusted Operating Margin."

Shares of SAVE are up $2.46, or 3.63%, at $70.18 in early pre-market trading within a range of $29.65 - $68.95.

Price: 70.18, Change: +2.46, Percent Change: +3.63