Spirit Airlines (NYSE:SAVE) Announces Quarterly Earnings Results, Misses Expectations By $0.14 EPS

Spirit Airlines (NYSE:SAVE) posted its quarterly earnings data on Thursday. The company reported ($1.44) EPS for the quarter, missing the consensus estimate of ($1.30) by ($0.14), Briefing.com reports. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Spirit Airlines had a negative return on equity of 53.58% and a negative net margin of 13.20%. The firm’s quarterly revenue was down 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.29 earnings per share.

Spirit Airlines Stock Performance

Spirit Airlines stock remained flat at $2.76 during trading hours on Friday. 5,462,532 shares of the company’s stock were exchanged, compared to its average volume of 6,101,966. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day moving average of $3.36 and a 200 day moving average of $4.50. Spirit Airlines has a fifty-two week low of $2.60 and a fifty-two week high of $17.94.

Wall Street Analysts Forecast Growth

SAVE has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating and dropped their price objective for the stock from $3.00 to $2.00 in a research note on Monday, July 8th. TD Cowen lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating and dropped their price objective for the stock from $3.00 to $2.00 in a research note on Wednesday, July 17th. Susquehanna lowered their target price on shares of Spirit Airlines from $3.00 to $2.50 and set a “negative” rating for the company in a research note on Tuesday, July 16th. Citigroup lowered their target price on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a research note on Tuesday, July 23rd. Finally, Raymond James lowered shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a research note on Friday, July 5th. Eight research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $2.64.

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.