Spirit Airlines experienced a 55.2% decline in profitability in the third quarter when it posted net income of USD27.7 million, despite a 41.8% increase in revenues to USD288.7 million. This revenue increase overwhelmed the 33.7% increase in operating expenses which came in at USD244.1 million. The airline beat consensus estimates for the quarter which expected a US274.9 million profit.

CEO Ben Baldanza pointed out that the company grew capacity by 10.4% in the quarter “while maintaining industry-leading margins on increased operating and net income by over 100%”. Traffic rose 15.6%, outpacing capacity increases. It was able to recapture most of the losses prompted by Hurricane Irene cancellations.