Spirit Airlines Inc.’s stock SAVE, +0.82% fell 6% early Monday, after the discount carrier posted a wider-than-expected first-quarter loss as it refocuses on its future as a standalone company following the ending of its planned merger with JetBlue Airways Corp. JBLU, +0.52% in March. Dani Beach, Florida-based Spirit had a net loss of $142.6 million, or $1.30 a share, for the quarter, wider than the loss of $103.9 million, or 95 cents a share, posted in the year-earlier period.
The airline’s adjusted per-share loss came to $1.46, wider than the $1.45 FactSet consensus. Revenue rose 0.7% to $1.47 billion from $1.46 billion a year ago, ahead of the $1.27 billion FactSet consensus.
The numbers met Spirit’s own expectations despite a 230 basis point headwind from deferred recognition in earnings of a significant portion of the credits from engine maker Pratt & Whitney related to aircraft that were unavailable for service.
“The competitive environment remains challenging due to elevated capacity in many of the markets we serve,” said CEO Ted Christie in prepared remarks.
Bad weather and air traffic control-related delays, especially along the Eastern seaboard and in Florida, and civil unrest in Haiti weighed during the quarter. The company’s load factor fell 0.1 points to 80.7%. The stock has fallen 77% in the year to date, while the S&P 500 SPX, +1.26% has gained 7.5%.