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Investing

Airbus Gets Firm Order for 74 New Planes (SAVE, EADSY)

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By Paul Ausick Published

US low-priced air carrier Spirit Airlines Inc. (NASDAQ: SAVE) has ordered 75 new planes from the European Aeronautic Defense and Space Co. (OTC: EADSY), makers of the Airbus family of planes. The order is worth about $7 billion at list price for the 75 Airbus A320neos that Spirit confirmed following a memorandum of understanding the two companies signed in November.

About two weeks ago Spirit completed a secondary stock offering that raked in $159.5 million for existing stockholders, and nothing for the airlines. The company, which came public last May, defied the 2011 industry downturn by posting a share price gain of 36% in seven months of operation last year. Shares are up another 9% since January 1st.

Spirit’s shares are up more than 1% this morning, at $17.00 in a 52-week range of $10.18-$17.48.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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