Spirit Airlines (NYSE:SAVE) layoffs are a hot topic on Friday as the budget airline is furloughing pilots over engine problems.
Spirit Airlines is experiencing engine troubles on some of its flights, but it isn’t the only airline to have experienced these issues. Other airlines are also experiencing 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 of that, the company is also temporarily suspending the hiring of pilots and flight attendants while also downgrading roughly 100 captains.
Spirit Airlines Layoffs Comes After Poor Q2
Results for the second quarter include adjusted EPS of -$1.44 on revenue of $1.28 billion. Those are mixed results next to Wall Street’s estimate of -$.141 and revenue of $1.28 billion.
Spirit Airlines president and CEO Ted Christie said the following about the earnings report:
“Summer demand remains robust and load factors have been strong; however, significant industry capacity increases together with ancillary pricing changes in the competitive environment have made it difficult to increase yields, resulting in disappointing revenue results for the second quarter of 2024.”
SAVE stock is down 1.5% as of Friday morning.
Investors will want to stick around for more of the most recent stock market stories on Friday!
We have all of the hottest stock market news that traders will want to know about today! Among that is what has shares of Chevron (NYSE:CVX) in the news, why stocks are down today and the latest on Fresh Vine Wine (NYSEMKT:VINE) stock. You can read up on all of these matters at the links below!
More Friday Stock Market News
- CVX Stock Stumbles as Chevron Misses on Earnings. The Company Is Moving to Texas.
- Why Are Stocks Down Today?
- Why Is Fresh Vine Wine (VINE) Stock Down 34% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
