Spirit Airlines jumps 30% after raising fourth-quarter forecast

Spirit Airlines raised its financial forecast for the fourth quarter of 2023, which resulted in a surge of shares by over 30%. This came after a recent ruling blocked JetBlue Airways from purchasing Spirit. Spirit expects revenue of around $1.3 billion, at the upper end of its earlier projections, due to strong bookings. The airline also improved its estimated negative margins. Spirit also mentioned that it is considering options to refinance over $1 billion in debt and expects significant compensation from Pratt & Whitney for engine-related issues. A quarterly call with analysts is scheduled for Feb. 8 to discuss results and future prospects.