2023-04-27 09:41:05 ET
Spirit Airlines ( NYSE: SAVE ) slipped in early trading on Thursday after posting a mixed Q1 earnings report .
Revenue was up 39.6% to an in-line $1.35B. Total revenue per available seat mile was up 24% year-over-year $0.1022. Total revenue per passenger flight segment for the quarter increased 12.0% to $127.36. Fare revenue per segment increased 16.8% to $57.45 and non-ticket revenue per segment increased 8.3% to $69.913.
Adjusted operating expenses for the quarter increased 25.1% to $1.44B. The increases were primarily driven by increased flight volume, additional aircraft, higher fuel prices and inflationary wage pressures.
CEO outlook: "Looking ahead to the second quarter, demand continues to be strong and industry capacity remains constrained, both of which are beneficial for unit revenue. Our core business is solid, and the team is doing an excellent job solving for the problems within our control."
Shares of SAVE fell 0.44% in early trading on Thursday to $17.07 vs. the 52-week trading range of $15.57 to $25.12.
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Spirit Airlines slips after another quarter of high revenue and expense growth