DANIA BEACH, Fla. - Spirit Airlines (NYSE: NYSE:SAVE) has announced the establishment of a new crew base for pilots at Newark Liberty International Airport, slated to open in September 2024. The base is expected to house roughly 200 pilots initially, with plans to add supervisors and support staff subsequently.
The move is part of Spirit's efforts to bolster operational reliability and comes as the airline strengthens its presence at Newark, where it has become the second-largest carrier. Currently, Spirit operates up to 32 peak day departures from Newark, providing service to 22 destinations, including seven added in the past year.
John Bendoraitis, Spirit's Executive Vice President and Chief Operating Officer, stated, "Our growth at EWR paired with the airport's location in the nation's largest metropolitan area make Newark ideal for our next Pilot crew base." He also acknowledged the support of the Port Authority of New York and New Jersey, the airport, and community partners.
The new crew base at Newark will join Spirit's existing bases in several other major cities, including Atlanta, Chicago, Dallas, Detroit, Fort Lauderdale, Houston, Las Vegas, Miami, and Orlando.
Spirit Airlines has been operating at Newark since October 2016 and emphasizes its commitment to the New Jersey community through this expansion. The airline is known for its unbundled fares, allowing passengers to pay only for the options they select, and operates one of the youngest and most fuel-efficient fleets in the United States.
This strategic development is based on a press release statement from Spirit Airlines and reflects the airline's ongoing investment in its operations and services.
InvestingPro Insights
As Spirit Airlines (NYSE: SAVE) continues to expand its operations with a new crew base at Newark Liberty International Airport, it's crucial to consider the financial health and market performance of the company. According to InvestingPro data, Spirit Airlines currently has a market capitalization of 398.59 million USD, which is a critical figure for investors gauging the size of the company within the industry.
Despite the expansion efforts, Spirit Airlines operates with a significant debt burden, an InvestingPro Tip that suggests the airline may face challenges in managing its financial obligations. This factor is particularly relevant for investors considering the long-term sustainability of the company's growth strategies.
Another InvestingPro Tip indicates that Spirit Airlines is trading at a low Price / Book multiple of 0.4 as of the last twelve months leading up to Q1 2024. This metric can be indicative of the market's valuation of the company relative to its book value, which could signal a potential undervaluation to some investors.
Moreover, the airline's revenue has experienced a decline of 3.17% in the last twelve months leading up to Q1 2024. This decline is a critical metric to consider, as it reflects the company's ability to generate income and sustain its operational expansions, such as the establishment of the new crew base at Newark.
For readers interested in a deeper analysis, there are additional InvestingPro Tips available that can provide further insights into Spirit Airlines' performance and potential investment opportunities. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, where they can access a comprehensive list of these tips and data metrics to make more informed investment decisions.
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