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

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

Spirit Airlines Stock Up 2.4 %

Shares of NYSE:SAVE opened at $3.40 on Thursday. The firm has a fifty day moving average price of $4.41 and a two-hundred day moving average price of $9.07. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90. Spirit Airlines has a one year low of $3.18 and a one year high of $19.69. The company has a market cap of $372.30 million, a price-to-earnings ratio of -0.83 and a beta of 1.41.

Spirit Airlines Dividend Announcement

The company also recently declared a dividend, which was paid on Thursday, February 29th. Shareholders of record on Friday, February 23rd were issued a $0.10 dividend. The ex-dividend date was Thursday, February 22nd.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SAVE. Seaport Res Ptn lowered shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. TD Cowen dropped their price target on shares of Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Tuesday. Bank of America began coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price objective for the company. Susquehanna decreased their price objective on shares of Spirit Airlines from $4.00 to $3.00 and set a “negative” rating for the company in a research note on Wednesday. Finally, Barclays began coverage on shares of Spirit Airlines in a research note on Wednesday, March 27th. They set an “underweight” rating and a $4.00 price target for the company. Five equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $3.62.

About Spirit Airlines

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.