Spirit sells 23 A320-family aircraft for $519M; Q3 margin improves but capacity slashed

Spirit Aviation Holdings, Inc.

2024-Q3 EPS reported -$5.88 revenue$3,743,530,000

Binding term sheet with GA Telesis to sell 23 A320ceo/A321ceo aircraft for ~$519M; deliveries Oct 2024–Feb 2025.
Preliminary Q3 2024 adjusted operating margin ~300 bps better than prior guidance midpoint, driven by stronger revenue.
Q3 capacity down 1.2% YoY; Q4 capacity expected down ~20% YoY; full year 2025 down mid-teens.
Identified ~$80M annualized cost reductions from workforce reduction beginning early 2025.
Net proceeds from sale + debt discharge expected to improve liquidity by ~$225M through year-end 2025.

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