Spirit Airlines 2Q net income jumps 22 pct

Spirit Airlines posts 22 pct increase in 2nd-qtr net income helped by jump in fee income

Associated Press

MIRAMAR, Fla. (AP) -- Spirit Airlines saw double-digit increases in ticket and fee revenue, which helped to send second-quarter net income soaring 22 percent, the carrier said Wednesday.

The company earned $42.1 million, or 58 cents per share, up from $34.6 million, or 48 cents per share, in the same quarter of 2012. Excluding one-time items, the company earned 63 cents per share, edging out Wall Street projections by a penny.

Revenue increased 18 percent to $407.3 million, which was also slightly better than most analysts had expected, according to FactSet.

Revenue for each seat flown one mile, a key industry metric, fell 3 percent to 11.91 cents, but that was largely due to a shift in the Easter holiday to the first quarter of the year.

Spirit charges more in fees than other airlines. Non-ticket revenue jumped 24 percent to $166.2 million, as the average amount paid by each passenger increased 4 percent to $53.43.

The airline attributed the increases to changes to its pricing structure for optional services late last year.

Passenger revenue, or revenue from ticket sales, increased 14 percent to $241.1 million.

Shares of Spirit Airlines Inc. hit an all-time high of $34.93 Tuesday.

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