$852.18 Million in Sales Expected for Spirit Airlines Incorporated (SAVE) This Quarter

Equities research analysts expect Spirit Airlines Incorporated (NASDAQ:SAVE) to announce $852.18 million in sales for the current quarter, Zacks reports. Five analysts have made estimates for Spirit Airlines’ earnings, with estimates ranging from $823.00 million to $861.33 million. Spirit Airlines reported sales of $704.14 million during the same quarter last year, which would suggest a positive year over year growth rate of 21%. The company is expected to issue its next earnings report on Thursday, April 25th.

According to Zacks, analysts expect that Spirit Airlines will report full-year sales of $3.91 billion for the current financial year, with estimates ranging from $3.85 billion to $3.95 billion. For the next year, analysts expect that the company will post sales of $4.46 billion, with estimates ranging from $4.33 billion to $4.57 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Spirit Airlines.

Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data on Tuesday, February 5th. The transportation company reported $1.38 EPS for the quarter, hitting analysts’ consensus estimates of $1.38. The firm had revenue of $862.80 million for the quarter, compared to analyst estimates of $861.65 million. The company’s quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.73 earnings per share.

A number of analysts have recently commented on SAVE shares. JPMorgan Chase & Co. upped their price objective on Spirit Airlines to $59.00 in a report on Sunday, December 2nd. Macquarie set a $81.00 price objective on Spirit Airlines and gave the stock a “buy” rating in a report on Tuesday, January 29th. Credit Suisse Group upgraded Spirit Airlines to a “buy” rating and set a $77.00 price objective for the company in a report on Friday, December 14th. Vertical Research started coverage on Spirit Airlines in a report on Monday, February 4th. They set a “buy” rating for the company. Finally, Goldman Sachs Group upgraded Spirit Airlines from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $78.00 to $85.00 in a report on Thursday, February 7th. Five research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Spirit Airlines currently has a consensus rating of “Buy” and a consensus price target of $69.87.

In related news, Director Robert D. Johnson sold 750 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $56.68, for a total value of $42,510.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.33% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in Spirit Airlines by 786.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 124,312 shares of the transportation company’s stock valued at $5,839,000 after purchasing an additional 110,295 shares in the last quarter. MetLife Investment Advisors LLC increased its holdings in Spirit Airlines by 47.9% in the 3rd quarter. MetLife Investment Advisors LLC now owns 46,371 shares of the transportation company’s stock valued at $2,178,000 after purchasing an additional 15,018 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Spirit Airlines by 7.9% in the 3rd quarter. Mackenzie Financial Corp now owns 2,064,490 shares of the transportation company’s stock valued at $96,969,000 after purchasing an additional 151,426 shares in the last quarter. BlueMountain Capital Management LLC acquired a new stake in Spirit Airlines in the 3rd quarter valued at $4,876,000. Finally, Ontario Teachers Pension Plan Board acquired a new stake in Spirit Airlines in the 3rd quarter valued at $691,000.

Shares of SAVE stock traded down $0.95 on Tuesday, reaching $54.20. 1,564,143 shares of the stock were exchanged, compared to its average volume of 1,315,371. Spirit Airlines has a 1-year low of $34.36 and a 1-year high of $65.35.

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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