Spirit Airlines Incorporated (SAVE) Expected to Announce Quarterly Sales of $591.95 Million
Analysts expect Spirit Airlines Incorporated (NASDAQ:SAVE) to post sales of $591.95 million for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Spirit Airlines’ earnings. The lowest sales estimate is $591.3 million and the highest is $592.28 million. Spirit Airlines reported sales of $538.14 million during the same quarter last year, which would suggest a positive year over year growth rate of 10%. The business is scheduled to issue its next earnings report before the market opens on Friday, April 28th.
According to Zacks, analysts expect that Spirit Airlines will report full year sales of $591.95 million for the current year, with estimates ranging from $2.74 billion to $2.81 billion. For the next year, analysts anticipate that the business will report sales of $3.29 billion per share, with estimates ranging from $3.23 billion to $3.37 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Spirit Airlines.
Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings data on Tuesday, February 7th. The transportation company reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.03. The firm earned $578.40 million during the quarter, compared to the consensus estimate of $578.35 million. Spirit Airlines had a net margin of 11.41% and a return on equity of 22.22%. During the same period last year, the business posted $1.02 earnings per share. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year.
Several equities research analysts have recently commented on the stock. Cowen and Company reissued a “market perform” rating and set a $62.00 target price (up from $58.00) on shares of Spirit Airlines in a research report on Tuesday. Zacks Investment Research downgraded shares of Spirit Airlines from a “buy” rating to a “hold” rating in a research report on Monday, March 6th. Imperial Capital reissued an “outperform” rating and set a $68.00 target price (up from $58.00) on shares of Spirit Airlines in a research report on Friday, March 3rd. Finally, Deutsche Bank AG boosted their target price on shares of Spirit Airlines from $44.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. Spirit Airlines currently has an average rating of “Buy” and a consensus price target of $58.15.
Spirit Airlines (NASDAQ:SAVE) traded up 4.66% during midday trading on Friday, hitting $56.34. 1,743,647 shares of the stock were exchanged. Spirit Airlines has a 1-year low of $37.17 and a 1-year high of $60.40. The firm has a market capitalization of $3.91 billion, a P/E ratio of 14.98 and a beta of 0.78. The firm’s 50-day moving average price is $51.82 and its 200 day moving average price is $52.43.
A number of large investors have recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its stake in shares of Spirit Airlines by 1,513.1% in the third quarter. BNP Paribas Arbitrage SA now owns 7,856 shares of the transportation company’s stock worth $334,000 after buying an additional 7,369 shares during the last quarter. Nationwide Fund Advisors increased its stake in shares of Spirit Airlines by 1.4% in the third quarter. Nationwide Fund Advisors now owns 150,862 shares of the transportation company’s stock worth $6,416,000 after buying an additional 2,120 shares during the last quarter. State of New Jersey Common Pension Fund D increased its stake in shares of Spirit Airlines by 35.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 115,000 shares of the transportation company’s stock worth $4,891,000 after buying an additional 30,000 shares during the last quarter. K.J. Harrison & Partners Inc purchased a new stake in shares of Spirit Airlines during the third quarter worth about $425,000. Finally, Middleton & Co Inc MA increased its stake in shares of Spirit Airlines by 0.3% in the third quarter. Middleton & Co Inc MA now owns 17,360 shares of the transportation company’s stock worth $738,000 after buying an additional 45 shares during the last quarter. 96.91% of the stock is owned by institutional investors and hedge funds.
About Spirit Airlines
Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Spirit Airlines Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spirit Airlines Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.