$645.67 Million in Sales Expected for Spirit Airlines, Inc. (SAVE) This Quarter
Equities research analysts expect that Spirit Airlines, Inc. (NASDAQ:SAVE) will post sales of $645.67 million for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Spirit Airlines’ earnings. The highest sales estimate is $646.67 million and the lowest is $644.60 million. Spirit Airlines posted sales of $578.35 million in the same quarter last year, which would indicate a positive year over year growth rate of 11.6%. The firm is scheduled to announce its next earnings report on Tuesday, February 6th.
According to Zacks, analysts expect that Spirit Airlines will report full-year sales of $645.67 million for the current financial year. For the next financial year, analysts forecast that the firm will report sales of $3.18 billion per share, with estimates ranging from $3.15 billion to $3.22 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Spirit Airlines.
Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Thursday, October 26th. The transportation company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.04. The firm had revenue of $687.20 million during the quarter, compared to the consensus estimate of $686.13 million. Spirit Airlines had a net margin of 8.55% and a return on equity of 15.86%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.24 earnings per share.
SAVE has been the subject of a number of research reports. Cowen and Company reissued a “market perform” rating and issued a $59.00 price target on shares of Spirit Airlines in a research report on Tuesday, July 18th. BidaskClub cut shares of Spirit Airlines from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Morgan Stanley reissued an “equal weight” rating and issued a $56.00 price target (down from $60.00) on shares of Spirit Airlines in a research report on Tuesday, July 25th. Bank of America Corporation cut shares of Spirit Airlines from a “buy” rating to a “neutral” rating and reduced their price target for the company from $68.00 to $44.00 in a research report on Friday, July 28th. Finally, Citigroup Inc. raised shares of Spirit Airlines from a “neutral” rating to a “buy” rating and reduced their price target for the company from $65.00 to $52.00 in a research report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $41.00.
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Shares of Spirit Airlines (NASDAQ SAVE) traded up $0.87 on Monday, reaching $35.82. 1,238,700 shares of the company were exchanged, compared to its average volume of 2,185,249. Spirit Airlines has a 52-week low of $30.32 and a 52-week high of $60.40. The stock has a market capitalization of $2,484.95, a PE ratio of 10.66, a PEG ratio of 1.46 and a beta of 0.71. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.
Spirit Airlines announced that its Board of Directors has approved a share repurchase plan on Thursday, October 26th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the transportation company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
In other Spirit Airlines news, Director H. Mcintyre Gardner bought 5,000 shares of Spirit Airlines stock in a transaction dated Friday, September 15th. The stock was acquired at an average cost of $33.78 per share, with a total value of $168,900.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.33% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Spirit Airlines by 1.4% during the second quarter. Vanguard Group Inc. now owns 5,438,753 shares of the transportation company’s stock worth $280,912,000 after purchasing an additional 73,982 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Spirit Airlines by 3.1% during the third quarter. Wells Fargo & Company MN now owns 2,861,241 shares of the transportation company’s stock worth $95,593,000 after purchasing an additional 86,449 shares in the last quarter. BlackRock Inc. raised its holdings in Spirit Airlines by 7,002.6% during the first quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock worth $142,838,000 after purchasing an additional 2,653,575 shares in the last quarter. Franklin Resources Inc. raised its holdings in Spirit Airlines by 4.0% during the second quarter. Franklin Resources Inc. now owns 2,128,314 shares of the transportation company’s stock worth $109,927,000 after purchasing an additional 82,438 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Spirit Airlines by 29.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,930,412 shares of the transportation company’s stock worth $64,495,000 after purchasing an additional 436,012 shares in the last quarter. 92.85% of the stock is owned by hedge funds and other institutional investors.
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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