Spirit Airlines (NYSE:SAVE) Announces Quarterly Earnings Results

Spirit Airlines (NYSE:SAVE) released its quarterly earnings data on Monday. The company reported ($1.46) EPS for the quarter, missing the consensus estimate of ($1.45) by ($0.01), Briefing.com reports. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the business earned ($0.82) EPS. Spirit Airlines’s revenue for the quarter was down 6.2% compared to the same quarter last year.

Spirit Airlines Stock Performance

NYSE:SAVE traded up $0.19 during trading hours on Thursday, hitting $3.59. 2,908,650 shares of the company were exchanged, compared to its average volume of 13,629,270. The stock has a market capitalization of $393.11 million, a price-to-earnings ratio of -0.88 and a beta of 1.41. Spirit Airlines has a 52-week low of $3.18 and a 52-week high of $19.69. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90. The company’s 50 day moving average price is $4.41 and its 200-day moving average price is $9.07.

Spirit Airlines Dividend Announcement

The business also recently announced a dividend, which was paid on Thursday, February 29th. Shareholders of record on Friday, February 23rd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, February 22nd.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SAVE shares. Bank of America started coverage on shares of Spirit Airlines in a report on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 target price for the company. Seaport Res Ptn lowered shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a report on Wednesday, January 17th. Susquehanna lowered their target price on shares of Spirit Airlines from $4.00 to $3.00 and set a “negative” rating for the company in a report on Wednesday. Citigroup decreased their price objective on shares of Spirit Airlines from $4.00 to $3.85 and set a “sell” rating for the company in a report on Wednesday, April 17th. Finally, Evercore ISI reduced their price target on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a report on Thursday, April 4th. Five equities research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, Spirit Airlines presently has an average rating of “Reduce” and a consensus target price of $3.62.

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.