Spirit Airlines Plunges 4% on Q3 Guidance Cut
<p><a href='https://financialmodelingprep.com/financial-summary/SAVE'>Spirit Airlines (NYSE:SAVE)</a> revised its Q3 revenue outlook, leading to a nearly 4% decline in pre-market trading today.</p>
<p>Spirit Air now projects Q3 sales to range from $1.245 billion to $1.255 billion, marking a decrease from the previous range of $1.3 billion to $1.32 billion.</p>
<p>The company also expects an adjusted operating margin between -14.5% and -15.5%, down from the earlier estimate of -5.5% to -7.5%. This is below analysts' expectations of -7.2%. Additionally, they anticipate fuel costs per gallon to be $3.06, up from the previous estimate of $2.80. The company anticipates a 13.4% increase in available seat miles.</p>
<p>The company attributed these adjustments to heightened promotional activity featuring substantial discounts for travel bookings from the second half of the third quarter through the pre-Thanksgiving period. Additionally, rising fuel prices have contributed to the changes.</p>

NYSE:SAVE