KEY TAKEAWAYS Spirit Airlines shares are tumbling 40% in premarket trading Friday as the carrier reportedly is exploring a bankruptcy filing in the wake of its failed $3.8 billion merger with rival JetBlue Airways. According to The Wall Street Journal, the budget airline has been in talks with its bondholders over the terms of a chapter 11 filing. It also has been looking into restructuring its balance sheet as it grapples with billions of dollars of debt, the report said. Spirit Airlines (SAVE) shares are ...

Spirit Airlines is in talks with bondholders over the terms of a potential bankruptcy filing in the wake of its failed merger with JetBlue Airways, the Wall Street Journal reported on Thursday, sending its shares down 30% in extended trading. The airline has also been exploring restructuring its balance sheet through an out-of-court transaction, though recent talks have been more focused on reaching a deal with bondholders and other creditors to support a Chapter 11 filing, the WSJ reported, citing people f ...

Images of the special-edition PiNK Uniform Collection are available for download here DANIA BEACH, Fla., Oct. 1, 2024 /PRNewswire/ -- Spirit Airlines (NYSE: SAVE) is turning the skies pink this October with the debut of its special-edition uniform collection in support of Breast Cancer Awareness Month. Spirit Team Members will don the new PiNK Collection, with a capital "NK" in honor of Spirit's airline code, throughout the month as part of the carrier's commitment to advance breast cancer awareness and rai ...

The sentiment surrounding this business has never been lower. Spirit Airlines (SAVE -2.27%) has taken its investors on a turbulent journey. Shares of the troubled discount airliner have declined 93% in the past five years. During that same stretch, the S&P 500 would have more than doubled your money. As of this writing, this airline stock is down 97% from its peak, which was established in December 2014. Is it time to take a chance and buy Spirit shares? Spirit's troubles are hard to ignore For a stock to p ...

Core Insights - Spirit Airlines has launched four new travel options under the "Just Go" brand, aimed at enhancing customer experience and providing cost-effective travel solutions [1][4] - The airline is undergoing a brand transformation with a new identity and the "More Fly" campaign, which emphasizes an elevated travel experience [2][3] Group 1: New Travel Options - The "Just Go" options include Go Big, Go Comfy, Go Savvy, and Go, all designed to offer unmatched value and flexibility with no change or cancel fees [1][4] - Go Big features enhanced comfort with a Big Front Seat®, one checked and one carry-on bag, priority check-in and boarding, snacks and drinks, including alcoholic beverages, and fast WiFi streaming, available starting today, with some amenities launching on August 27 [5] - Go Comfy allows for aisle or window seat selection with a guaranteed blocked middle seat, one checked and one carry-on bag, priority boarding, and a snack and non-alcoholic beverage, available from August 27 [5] - Go Savvy offers standard seat selection and a choice of one checked or one carry-on bag, available starting today [5] - Go is the most affordable option, providing standard seat selection and a checked bag, with additional options available for purchase, also available starting today [5] Group 2: Enhanced Airport Experience - Spirit will introduce a priority check-in experience on August 27 at over 20 airports for Go Big customers and Free Spirit® Gold members or Free Spirit World Elite Mastercard holders [6] - The airline will implement a new boarding process with five groups to reduce boarding time and improve operational performance [6] Group 3: Brand Transformation - The reimagined brand identity retains elements of the past while introducing new colors and a logo featuring aircraft windows, aimed at reflecting the airline's vision for the future [3] - The updated brand and campaign will be showcased on spirit.com, the Spirit mobile app, and across various digital channels and advertising [3][7]

Core Insights - Spirit Airlines reported a second-quarter loss of $192.9 million, significantly larger than the $2.3 million loss in the same period last year [2][4] - The airline announced plans to furlough approximately 240 pilots, effective September 1 [2][3] - Shares of Spirit Airlines fell over 8% following the announcement and continued to decline by an additional 3% [2] Financial Performance - The second-quarter loss of $192.9 million represents a substantial increase in losses compared to the previous year's $2.3 million loss [2] - The decline in share price reflects investor concerns over the airline's financial health and operational challenges [2] Strategic Moves - In response to financial pressures, Spirit Airlines plans to introduce more premium services, including larger seats, to enhance revenue [2][4] - The airline's struggles are set against a backdrop of rising costs in a domestic airline industry largely controlled by four major players: American Airlines, Delta Air Lines, Southwest Airlines, and United Airlines [3] Industry Context - The cancellation of a $3.8 billion merger with JetBlue has left Spirit Airlines without the additional market strength it sought [4] - The competitive landscape is intensifying, with other airlines like Southwest also adjusting their strategies to increase revenue opportunities [3]

Spirit Airlines (NYSE:SAVE) layoffs are a hot topic on Friday as the budget airline is furloughing pilots over engine problems. Spirit Airlines is dealing with engine troubles for some of its flights and it isn't the only airline with these issues. This comes as other airlines are dealing with difficulties tied to Pratt & Whitney PW1100G engines. As a result, Spirit Airlines is grounding many of its planes to resolve these problems. That also has it furloughing 260 of its pilots starting on Sept. 1. On top ...

Core Viewpoint - The airline sector, particularly Spirit Airlines, is facing significant challenges, including potential bankruptcy concerns and declining demand for domestic fares [1][2][4]. Group 1: Company Challenges - Spirit Airlines experienced a 17.8% decline in shares in July, exacerbated by discussions of a potential bankruptcy filing [1]. - The planned acquisition by JetBlue Airways fell through due to regulatory issues, leaving Spirit to navigate a tough market with softening demand and limited pricing power [2]. - The airline is significantly affected by an RTX engine issue, limiting its ability to adjust capacity in response to demand fluctuations [2]. Group 2: Financial Performance - Concerns about Spirit's second-quarter results led to downgrades and price-target cuts, which were confirmed when the airline lowered its revenue outlook for the quarter [3]. - On August 1, Spirit reported Q2 results that missed the lowered guidance, resulting in an additional 8% drop in shares [5]. Group 3: Debt and Bankruptcy Risks - Spirit Airlines has a considerable amount of debt that needs to be renegotiated soon, with the possibility of bankruptcy if negotiations fail [4]. - While creditors are expected to work with Spirit on its debt issues, the airline's competitive pressures make it challenging to foresee profitability in the near future [6]. Group 4: Industry Context - The challenges faced by Spirit are reflective of broader pressures in the airline industry, particularly as domestic demand softens [7]. - Airlines that depend heavily on U.S. leisure travel, like Spirit, are more vulnerable compared to those with strong international alliances and established business accounts [7]. Group 5: Investment Considerations - Spirit shares are currently considered cheap, but this pricing reflects the underlying challenges the company faces [8]. - Investors are advised to approach potential investments in Spirit with caution, limiting exposure to a small portion of a diversified portfolio [8].

For the quarter ended June 2024, Spirit (SAVE) reported revenue of $1.28 billion, down 10.6% over the same period last year. EPS came in at -$1.44, compared to $0.29 in the year-ago quarter. The reported revenue represents a surprise of -1.91% over the Zacks Consensus Estimate of $1.31 billion. With the consensus EPS estimate being -$1.30, the EPS surprise was -10.77%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...

Spirit (SAVE) came out with a quarterly loss of $1.44 per share versus the Zacks Consensus Estimate of a loss of $1.30. This compares to earnings of $0.29 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -10.77%. A quarter ago, it was expected that this airline would post a loss of $1.43 per share when it actually produced a loss of $1.46, delivering a surprise of -2.10%. Over the last four quarters, the company has surpassed ...