Spirit Airlines' Recovery Is Gaining Traction
Like its peers in the airline industry, Spirit Airlines (NYSE: SAVE) rang up a big loss last quarter. However, business trends have changed for the better over the past two months.
Indeed, Spirit's rock-bottom fares and focus on short-haul leisure travel positions it for a quick comeback as the U.S. economy reopens. Let's take a look at what the budget airline's recent first-quarter earnings report means for investors.
In the fourth quarter of 2020, Spirit Airlines generated revenue of $498 million, up from just $139 million two quarters earlier. However, a surge in COVID-19 cases toward the end of 2020 led to new travel restrictions in early 2021. Spirit's management warned in early February that the company's financial performance would take a step backward in the first quarter.
Source Fool.com
