MIRAMAR, Fla. (AP) _ Spirit Airlines Inc. (SAVE) on Wednesday reported a first-quarter loss of $27.8 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Miramar, Florida-based company said it had a loss of 41 cents. Losses, adjusted for non-recurring gains, were 86 cents per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 60 cents per share.
The airline posted revenue of $771.1 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $848.8 million.
Spirit shares have dropped 71% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.55, a drop of 78% in the last 12 months.