Spirit Airlines posts wider Q1 loss, sales miss views

Shares of Spirit Airlines Inc. plunged 12% in the extended session Wednesday after the budget airline reported a wider-than-expected adjusted quarterly loss and sales fell reflecting the virtual halt on air-travel demand amid the coronavirus pandemic. Spirit said it lost $27.8 million, or 41 cents a share, in the quarter, versus a profit of $56.1 million, or 82 cents a share, in the year-ago period. Adjusted for one-time items, Spirit lost $58.9 million, or 86 cents a share, versus an adjusted profit of 84 cents a share a year ago. Sales fell to $771.1 million from $855.8 million a year ago. Analysts polled by FactSet had expected the company to report an adjusted loss of 46 cents a share on sales of $828 million. Spirit said it was on track to meet or beat first-quarter guidance when the cancellations started to pour in mid-March. Shares ended the regular trading day down 6.2%, tracking abroad sell-off for the airline sector on Wednesday.

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