Brokerages Expect Spirit Airlines, Inc. (SAVE) Will Post Quarterly Sales of $731.89 Million
Equities analysts expect Spirit Airlines, Inc. (NASDAQ:SAVE) to announce sales of $731.89 million for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Spirit Airlines’ earnings. The highest sales estimate is $735.30 million and the lowest is $724.50 million. Spirit Airlines reported sales of $621.33 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 17.8%. The company is scheduled to issue its next earnings results on Tuesday, October 24th.
According to Zacks, analysts expect that Spirit Airlines will report full year sales of $731.89 million for the current fiscal year, with estimates ranging from $2.67 billion to $2.73 billion. For the next fiscal year, analysts anticipate that the company will report sales of $3.17 billion per share, with estimates ranging from $3.07 billion to $3.28 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Spirit Airlines.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.03. The business had revenue of $701.68 million during the quarter, compared to analyst estimates of $702.29 million. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The company’s revenue was up 20.1% on a year-over-year basis. During the same quarter last year, the business posted $1.11 EPS.
SAVE has been the subject of several analyst reports. Zacks Investment Research raised shares of Spirit Airlines from a “sell” rating to a “hold” rating in a report on Monday. BidaskClub cut shares of Spirit Airlines from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Imperial Capital reaffirmed an “outperform” rating and issued a $70.00 target price (up from $68.00) on shares of Spirit Airlines in a report on Thursday, April 20th. Buckingham Research cut shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a report on Friday, July 28th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and issued a $60.00 target price (up from $58.00) on shares of Spirit Airlines in a report on Saturday, April 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $54.96.
Spirit Airlines (SAVE) opened at 38.00 on Thursday. Spirit Airlines has a 1-year low of $37.17 and a 1-year high of $60.40. The firm’s 50 day moving average price is $50.71 and its 200-day moving average price is $53.17. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of 11.01 and a beta of 0.57.
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Spirit Airlines by 7,002.6% in the first quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock valued at $142,838,000 after buying an additional 2,653,575 shares in the last quarter. Strs Ohio acquired a new stake in Spirit Airlines during the first quarter valued at approximately $46,436,000. Wells Fargo & Company MN raised its stake in Spirit Airlines by 24.3% in the first quarter. Wells Fargo & Company MN now owns 3,093,057 shares of the transportation company’s stock valued at $164,148,000 after buying an additional 604,447 shares in the last quarter. Scout Investments Inc. raised its stake in Spirit Airlines by 158.9% in the first quarter. Scout Investments Inc. now owns 926,601 shares of the transportation company’s stock valued at $44,458,000 after buying an additional 568,755 shares in the last quarter. Finally, Hodges Capital Management Inc. acquired a new stake in Spirit Airlines during the second quarter valued at approximately $16,711,000.
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.
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