Spirit Airlines (NYSE:SAVE) Issues Earnings Results, Misses Estimates By $0.01 EPS

Spirit Airlines (NYSE:SAVE) released its earnings results on Monday. The company reported ($1.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.45) by ($0.01), Briefing.com reports. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period last year, the business posted ($0.82) EPS.

Spirit Airlines Stock Down 10.0 %

Spirit Airlines stock opened at $3.34 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69. Spirit Airlines has a 12-month low of $3.18 and a 12-month high of $19.69. The firm’s fifty day moving average is $4.59 and its 200 day moving average is $9.29. The company has a market capitalization of $365.73 million, a PE ratio of -0.82 and a beta of 1.41.

Spirit Airlines Dividend Announcement

The business also recently announced a dividend, which was paid on Thursday, February 29th. Investors of record on Friday, February 23rd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, February 22nd.

Wall Street Analysts Forecast Growth

SAVE has been the subject of a number of analyst reports. Bank of America initiated coverage on shares of Spirit Airlines in a research report on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price objective for the company. Barclays began coverage on shares of Spirit Airlines in a report on Wednesday, March 27th. They set an “underweight” rating and a $4.00 target price for the company. Citigroup reduced their target price on shares of Spirit Airlines from $4.00 to $3.85 and set a “sell” rating for the company in a report on Wednesday, April 17th. TD Cowen reduced their target price on shares of Spirit Airlines from $4.00 to $3.00 and set a “hold” rating for the company in a report on Tuesday. Finally, Susquehanna reduced their target price on shares of Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a report on Tuesday, April 9th. Five research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $4.76.

Spirit Airlines Company Profile

Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.