Spirit Airlines (NYSE:SAVE) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

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

Spirit Airlines Price Performance

SAVE stock opened at $3.31 on Wednesday. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s 50 day moving average price is $4.54 and its 200 day moving average price is $9.20. The firm has a market cap of $362.45 million, a P/E ratio of -0.81 and a beta of 1.41. Spirit Airlines has a 1 year low of $3.18 and a 1 year high of $19.69.

Spirit Airlines Dividend Announcement

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

Analyst Upgrades and Downgrades

SAVE has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft reduced their price target on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating for the company in a report on Tuesday. Barclays initiated coverage on Spirit Airlines in a report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price target for the company. Evercore ISI reduced their price target on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a report on Thursday, April 4th. Bank of America initiated coverage on Spirit Airlines in a report on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price target for the company. Finally, Susquehanna reduced their price target on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a report on Tuesday, April 9th. Five research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat.com, Spirit Airlines presently has a consensus rating of “Reduce” and a consensus price target of $4.54.

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.