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

Spirit Airlines (NYSE:SAVE) posted its earnings results on Monday. The company reported ($1.46) EPS for the quarter, missing analysts’ consensus estimates of ($1.45) by ($0.01), Briefing.com reports. The firm had revenue of $1.27 billion for 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 was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.82) earnings per share.

Spirit Airlines Stock Down 10.0 %

NYSE:SAVE opened at $3.34 on Tuesday. Spirit Airlines has a twelve month low of $3.18 and a twelve month high of $19.69. The company has a market cap of $365.73 million, a price-to-earnings ratio of -0.82 and a beta of 1.41. The stock has a fifty day simple moving average of $4.59 and a 200-day simple moving average of $9.29. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.69.

Spirit Airlines Dividend Announcement

The firm also recently announced a dividend, which was paid on Thursday, February 29th. Stockholders 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

A number of analysts recently issued reports on SAVE shares. Evercore ISI lowered their price target on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research report on Thursday, April 4th. Barclays started coverage on Spirit Airlines in a research report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price target for the company. TD Cowen lowered their price target on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Tuesday. Bank of America started coverage on Spirit Airlines in a research report on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price target for the company. Finally, Seaport Res Ptn downgraded Spirit Airlines from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 17th. Five research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price 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.