Spirit Airlines second-quarter earnings top expectations

Spirit Airlines (NASDAQ: SAVE) on Friday reported second-quarter earnings that topped expectations.

The airline posted adjusted earnings of $1.11 a share on revenue of $584.1 million.

Analysts polled by Reuters has expected Spirit Airlines to report earnings of $1.08 a share on revenue of $587.1 million.

The company said it was experiencing pressure on yields and expects that to continue through the summer travel season.

"While in line with our expectations, our second quarter 2016 financial results were negatively impacted by continued pressure on yields," Spirit CEO Bob Fornaro said in a statement. "Looking ahead, we see strong volumes for the peak summer leisure travel period but anticipate yield pressures will persist."

Spirit reported an 8.6 percent drop in second-quarter cost per available seat mile from the same period a year earlier.

Aircraft fuel expense decreased in the second quarter of 2016 by 11.5 percent, or $14.7 million, compared to the same period last year.

CORRECTION: This article was updated to show Spirit Airlines reported adjusted earnings of $1.11 a share, topping expectations.

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