Editor’s note: This story was corrected on July 25, 2019.
Spirit Airlines (NYSE:SAVE) posted its latest quarterly earnings results late today. Earnings were up big-time, while revenue gained as well, yet SAVE stock is down more than 13% year-over-year.
The Miramar, Fla.-based airline said that for its second quarter of 2019, it amassed earnings of $114.5 million, more than 10 times the earnings from the year-ago quarter of $11.3 million. This amounted to $1.67 per share versus 16 cents per share from the year-ago quarter.
On an adjusted basis, Spirit Airlines posted earnings of $115.7 million, or $1.69 per share. During the year-ago quarter, this was $75.7 million, or $1.11 per share. Total operating revenue for the period was $1.013 billion, gaining 18.9% year-over-year, thanks in part to an 18.4% surge in flight volume.
“Our team once again delivered strong quarterly profits,” Spirit Airlines CEO Ted Christie said. “In the second quarter 2019, we improved our operating margin by 300 basis points and delivered very strong earnings growth.”
Non-ticket revenue per passenger flight is a metric that increased 1.8% to $55.54. Fare revenue per passenger flight segment fell 1% to $57.60, while total revenue per passenger segment is up 0.3% year-over-year to $113.14.
For the period, total GAAP operating expenses is up 14.2%, reaching $849 million.
SAVE stock is sinking about 13.7% after hours on Wednesday following the company’s quarterly earnings results. Shares had been gaining roughly 2.5% during regular trading hours.