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Like many of its counterparts, Spirit Airlines grappled with challenges in 2020. Yet, amidst the lowered travel demand, over half of the airline’s revenue for the third quarter of 2020 came from ancillary sources as ticket prices dropped.
A Glimpse at Spirit’s Q3 2020 Performance:
Spirit Airlines posted a $99 million net loss in the third quarter of 2020, elevating the year’s cumulative net loss to $271 million up to that point.
The Q3 operating revenue stood at $401.9 million, reflecting a 59.5% decline compared to the same period the previous year. Moving forward, Spirit anticipates a year-over-year drop of 43-45% in total operating revenue for the fourth quarter.
Interestingly, Spirit’s average daily expenditure during Q3 was $2.3 million, which was less than the forecasted $3 million per day. For the upcoming fourth quarter, the airline predicts this number to hover around $2 million daily.
