Spirit Airlines says identified about $80 mln of annualized cost reductions; shares rise

Spirit Airlines

25/10/2024 11:03

** Shares of U.S. carrier Spirit Airlines  SAVE.N  rise
12.8% to $2.74 premarket
    ** Co says identified about $80 mln of annualized cost
reductions that it plans to begin implementing in early 2025 -
filing 
    ** Cost reductions are driven primarily by a reduction in
workforce commensurate with the co's expected flight volume -
Spirit
    ** Co expects to end year 2024 with over $1 bln of liquidity
    ** For full year 2025, co estimates its capacity will be
down mid-teens percentage Y-o-Y
    ** Says co's Q3 2024 capacity was down 1.2% Y-o-Y, estimates
its Q4 2024 capacity will be down about 20% Y-o-Y
    ** Spirit has reported losses in five out of the last six
quarters
    ** On Tuesday, the Wall Street Journal reported that
Frontier Airlines is exploring a renewed bid for Spirit Airlines
    ** As of last close, stock down about 85% YTD
    

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))