In a bid to expand its international footprint, Spirit Airlines SAVE announced that it will include more flights from the Louis Armstrong New Orleans International Airport to two international destinations, namely, Cancun, Mexico and San Pedro Sula, Honduras. While flights connecting New Orleans and Cancun will be operational from Jun 10, 2020 onward, services on the New Orleans-Honduras route will start the following day.
As Cancun is a famous tourist site with multiple beaches and resorts, the company’s decision to incorporate extra flights to this Mexican city is indeed a prudent move. Flights on the New Orleans-Cancun route, which will operate on Mondays, Wednesdays, Fridays and Saturdays with connecting options on the other three days, are anticipated to attract significant traffic, thereby boosting Spirit Airlines’ top line. Spirit Airlines’ focus on expanding its service at Cancun can be gauged from the fact that New Orleans is the sixth city to have flights to this Mexican location this year itself.
Further, as New Orleans boasts a significant Honduran population in the United States, the carrier’s decision to add flights on the New Orleans-San Pedro Sula, Honduras route should receive a warm response from the citizens as it broadens their travel options. Notably, flights on this route will operate on Tuesdays, Thursdays and Sundays with connecting options available on the remaining days of the week.
Apart from the above-mentioned international routes, Spirit Airlines intends to operate twice daily on the New Orleans-Orlando route effective Apr 22. Currently, the carrier operates once a week on the route.
The above initiatives by Spirit Airlines to fortify its presence in New Orleans where it is currently the third-largest carrier (in terms of available seat miles) are commendable. Notably, the airline’s contribution to growth in passenger count at the Louis Armstrong New Orleans International Airport has been substantial. As an evidence, it attracted 1.7 million passengers to the airport through its operations in 2019, reflecting a 20% year-over-year increase.
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Spirit Airlines carries a Zacks Rank #2 (Buy). Investors interested in the Zacks Transportation sector may also consider some other top-ranked stocks like Azul S.A AZUL, Frontline Ltd. FRO and Costamare Inc. CMRE, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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