From CNBC:

Spirit Airlines raised its financial forecast for the fourth quarter of 2023 and announced plans to refinance its debt, sending shares up by 17%. Revenue is expected to come in at $1.3 billion, with adjusted negative margins of 12-13%, an improvement from earlier forecasts. Despite the gains, Spirit stock still saw significant losses this week.

The airline is considering refinancing over $1 billion in debt that matures in 2025. It previously sold and leased back some of its aircraft, and had $1.3 billion of liquidity at the end of 2023. Spirit had been struggling before the antitrust ruling and faced challenges like higher costs and weaker travel demand.

Spirit also expects compensation from Pratt & Whitney, a unit of RTX, in connection with an engine issue that has grounded dozens of its planes this year. The airline plans to hold a quarterly call with analysts on Feb. 8 to discuss results and outlook.



Read more: Spirit Airlines raises fourth-quarter forecast, stock jumps