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Spirit issued a press release announcing the Company’s first quarter 2024 financial results on May 6, 2024. Spirit reported operating revenues down 6.2% year-over-year, resulting in a loss of $1.46 per share. The Company also reported a 16.3% drop in fare revenue per segment, a 1.4% drop in non-ticket revenue, and a 0.1% drop in load factor. Spirit Chief Executive Officer Ted Christie said that “[t]he competitive environment remains challenging due to elevated capacity in many of the markets we serve.”
Following this news, Spirit’s stock price dropped over 11%.