Spirit Airlines existing fleet to be tripled within next decade

Spirit Airlines recently announced that it is aiming to triple its existing fleet within the next decade. The airline said that it has entered into an agreement with aviation company Airbus SAS to buy 75 single-aisle jets at an estimated US$6.7 billion. The agreement includes acquisition of 45 upgraded A320neos with new, more fuel-efficient engines as well as 30 of the existing model.

The airline said that the new acquisitions will be utilized to boost Spirit Airlines’ growth markets in the US, Caribbean and Latin America. The airline expects the new aircrafts to be delivered from 2017 to 2021.

Spirit Airlines’ major focus is on leisure travelers who prefer flying to beach destinations. The airline offers low base fares to its passengers with higher add-on fees.

Meanwhile, Spirit Airlines said that its revenue increased to US$797 million, up 41%, while the operating income more than doubled to US$106.4 million, in the first nine months of this year.