Spirit (SAVE) will add routes from Newark to boost summer travel
To meet the anticipated increase in demand during the upcoming summer season, Spirit Airlines SAVE has announced its intention to expand its network. To this end, SAVE has decided to add four routes from Newark Airport.
Spirit Airlines will operate four daily nonstop flights to Indianapolis, Los Angeles, Oakland and Pittsburgh. Flights to Los Angeles, Indianapolis, Oakland and Pittsburgh will begin on May 5, June 22, August 10 and June 22, respectively.
Welcoming the network expansion, John Kirby, Vice President of Network Planning for Spirit Airlines, said, “We know people are looking forward to traveling this summer. We’re excited to add new, great-value options for customers looking to visit friends and family in Northern New Jersey or for those looking for affordable options for traveling from the Garden State across the country. “.
Following its expansion to Newark, Spirit Airlines will offer 24 peak day departures this summer, doubling in size from 2019 levels. SAVE also aims to add a temporary route to Louisville from Newark to facilitate travel from New Jersey to Newark. Kentucky Derby (annual event held on the first Sunday in May) in Louisville.
The new routes are likely to attract heavy traffic with an increase in demand for air travel. This in turn should boost Spirit Airlines’ revenue.
Zacks ranking and key picks
Spirit Airlines currently wears a Zacks Rank #3 (Hold). Some higher-ranked stocks within the Transport sector are:
ArcBest Corporation ARCB is showing a Zacks rank #1 (Strong Buy), currently. ARCB has a history of stellar surprise, with its earnings beating the Zacks consensus estimate in each of the previous four quarters, averaging 31.4%. You can see the full list of today’s Zacks #1 Rank stocks here.
ArcBest shares have jumped more than 31% in one year. Improved freight market conditions help the ARCB enormously.
JB Hunt Transportation Services JBHT currently wears a Zacks Rank #2 (Buy). JBHT’s earnings have exceeded the Zacks consensus estimate in each of the previous four quarters, averaging 10.2%.
JB Hunt shares are up more than 30% in one year. We are impressed with JBHT’s efforts to reward its shareholders through dividend payments and share buybacks. Recently, JBHT increased its dividend by 33% to 40 cents per share (annually: $1.60). JBHT increased its dividend twice last year.
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