Spirit Airlines shares slid more than 9 per cent in morning trade in New York on Monday on weak forecast for second quarter (Q2) revenue. At 12:00 pm EDT, the Spirit Airlines stock was at $3.3401, down 9.97 per cent. The US airline forecast second quarter revenue between $1.32 billion and $1.34 billion. In April this year, the airline reached a deal with planemaker Airbus to postpone all aircraft deliveries scheduled from the second quarter of 2025. Spirit Airlines said it believes that along with compensation for its grounded aircraft, deferred jet deliveries and cost savings will improve its cash levels by $450 million to $550 million in 2024.

Source: Mint May 07, 2024 03:34 UTC