Analysts Expect Spirit Airlines Incorporated (NASDAQ:SAVE) Will Announce Earnings of $1.54 Per Share

Equities analysts expect Spirit Airlines Incorporated (NASDAQ:SAVE) to post $1.54 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for Spirit Airlines’ earnings, with the lowest EPS estimate coming in at $1.32 and the highest estimate coming in at $1.97. Spirit Airlines reported earnings per share of $1.47 during the same quarter last year, which suggests a positive year-over-year growth rate of 4.8%. The company is scheduled to report its next quarterly earnings report on Wednesday, October 23rd.

According to Zacks, analysts expect that Spirit Airlines will report full year earnings of $5.32 per share for the current year, with EPS estimates ranging from $4.92 to $5.81. For the next year, analysts anticipate that the company will post earnings of $5.95 per share, with EPS estimates ranging from $5.50 to $6.75. Zacks’ EPS calculations are an average based on a survey of research firms that cover Spirit Airlines.

Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.64 by $0.05. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.01 billion. The company’s revenue was up 18.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.11 earnings per share.

Several research analysts have weighed in on the company. Imperial Capital cut their price target on Spirit Airlines from $78.00 to $64.00 and set an “outperform” rating for the company in a report on Tuesday, July 30th. BidaskClub downgraded Spirit Airlines from a “buy” rating to a “hold” rating in a report on Saturday, August 17th. Goldman Sachs Group downgraded Spirit Airlines from a “buy” rating to a “neutral” rating and cut their price target for the company from $69.00 to $60.00 in a report on Thursday, June 6th. Bank of America downgraded Spirit Airlines from a “buy” rating to a “neutral” rating and cut their price target for the company from $71.00 to $61.00 in a report on Thursday, April 25th. Finally, Credit Suisse Group downgraded Spirit Airlines from an “outperform” rating to a “neutral” rating and cut their price target for the company from $68.00 to $51.00 in a report on Friday, July 26th. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $61.00.

In other Spirit Airlines news, Director H. Mcintyre Gardner purchased 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was purchased at an average cost of $41.92 per share, with a total value of $104,800.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Edward M. Christie III purchased 2,375 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were acquired at an average cost of $41.93 per share, with a total value of $99,583.75. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 5,051 shares of company stock valued at $211,885. 0.33% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in SAVE. Dimensional Fund Advisors LP boosted its position in Spirit Airlines by 2.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,341,595 shares of the transportation company’s stock worth $251,464,000 after purchasing an additional 114,209 shares during the period. Legal & General Group Plc lifted its holdings in Spirit Airlines by 18.0% in the 4th quarter. Legal & General Group Plc now owns 15,256 shares of the transportation company’s stock worth $884,000 after buying an additional 2,325 shares in the last quarter. Norges Bank acquired a new position in Spirit Airlines in the 4th quarter worth $15,630,000. Geode Capital Management LLC lifted its holdings in Spirit Airlines by 7.7% in the 4th quarter. Geode Capital Management LLC now owns 748,803 shares of the transportation company’s stock worth $43,370,000 after buying an additional 53,696 shares in the last quarter. Finally, Sciencast Management LP acquired a new position in Spirit Airlines in the 1st quarter worth $323,000.

Shares of SAVE opened at $38.52 on Friday. The stock has a fifty day moving average of $45.36 and a two-hundred day moving average of $51.26. Spirit Airlines has a fifty-two week low of $37.11 and a fifty-two week high of $65.35.

Spirit Airlines Company Profile

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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Earnings History and Estimates for Spirit Airlines (NASDAQ:SAVE)

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