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

Spirit Airlines (NYSE:SAVE) announced its quarterly earnings data 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 analysts’ expectations of $1.27 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The firm’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.82) EPS.

Spirit Airlines Stock Down 10.0 %

SAVE stock opened at $3.34 on Tuesday. Spirit Airlines has a one year low of $3.18 and a one year high of $19.69. The stock has a market capitalization of $365.73 million, a P/E ratio of -0.82 and a beta of 1.41. The company has a 50 day moving average price of $4.59 and a two-hundred day moving average price of $9.29. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.90 and a current ratio of 0.90.

Spirit Airlines Dividend Announcement

The company also recently disclosed a dividend, which was paid on Thursday, February 29th. Investors of record on Friday, February 23rd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, February 22nd.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SAVE shares. Susquehanna lowered their price objective on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating on the stock in a report on Tuesday, April 9th. Barclays started coverage on Spirit Airlines in a report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 target price for the company. Seaport Res Ptn cut shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. Bank of America initiated coverage on shares of Spirit Airlines in a report on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price objective on the stock. Finally, TD Cowen dropped their target price on shares of Spirit Airlines from $4.00 to $3.00 and set a “hold” rating for the company in a report on Tuesday. Five research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $4.76.

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.