Shares of Spirit Airlines (SAVE) rose in late morning trading after the company reported better-than-expected adjusted earnings per share for the second quarter and gave an outlook for the third fiscal quarter as well as fiscal 2016. EARNINGS: Before the market open, Spirit Airlines reported Q2 earnings per share, excluding special items, of $1.11 on revenue of $584.1M, compared to analysts' estimates of $1.08 and $587.08M, respectively. The company added that cost per available seat mile, excluding special items, for the quarter was 5.3c, a decline of 8.6% compared to the same period a year ago. GUIDANCE: On its third quarter conference call, Spirit Airlines said that it expects capacity to increase 16% and total revenue per available seat mile to decline 9% year-over-year in the third quarter. The company also said it sees Q3 adjusted operating margin of approximately 21% and adjusted operating expense per available seat mile up roughly 3% year-over-year. In addition, Spirit Airlines provided an outlook for fiscal 2016, saying it expects ASMs to increase 20% and adjusted CASM ex-fuel to be about flat year-over-year. MANAGEMENT COMMENTARY: Commenting on the future, Spirit chief executive officer Bob Fornaro said in the company's earnings release that the company sees "strong volumes for the peak summer leisure travel period" but expects that yield pressures will persist. Fornaro added that the changes Spirit is making to improve on-time performance "are beginning to take root." PRICE ACTION: In late morning trading, Spirit Airlines was up 2.7% to $43.69.