Spirit Airlines (NYSE:SAVE) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Spirit Airlines (NYSE:SAVEGet Free Report) issued its quarterly earnings data on Thursday. The company reported ($1.36) EPS for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.06, Briefing.com reports. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Spirit Airlines had a negative net margin of 9.84% and a negative return on equity of 13.33%. The business’s revenue was down 5.0% on a year-over-year basis. During the same period last year, the company posted $0.12 EPS. Spirit Airlines updated its Q1 2024 guidance to EPS.

Spirit Airlines Stock Performance

SAVE traded down $0.53 on Friday, hitting $6.65. The company had a trading volume of 9,549,159 shares, compared to its average volume of 29,258,842. Spirit Airlines has a 1-year low of $4.04 and a 1-year high of $19.69. The stock has a market cap of $725.97 million, a price-to-earnings ratio of -1.38 and a beta of 1.37. The company’s fifty day moving average price is $12.41 and its 200 day moving average price is $14.22. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.91 and a quick ratio of 0.91.

Spirit Airlines Announces Dividend

The firm also recently announced a dividend, which was paid on Wednesday, January 31st. Stockholders of record on Thursday, January 25th were given a $0.10 dividend. The ex-dividend date was Wednesday, January 24th.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Bank of America began coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price objective on the stock. Susquehanna reissued a “negative” rating and set a $5.00 target price (down previously from $15.00) on shares of Spirit Airlines in a research note on Wednesday, January 17th. Citigroup cut Spirit Airlines from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $13.00 to $4.00 in a research note on Thursday, January 18th. TD Cowen lowered their target price on shares of Spirit Airlines from $11.00 to $5.00 and set a “market perform” rating for the company in a report on Monday, January 22nd. Finally, Seaport Res Ptn cut shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a report on Wednesday, January 17th. Four analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $8.17.

View Our Latest Stock Report on Spirit Airlines

Institutional Investors Weigh In On Spirit Airlines

A number of institutional investors have recently added to or reduced their stakes in SAVE. International Assets Investment Management LLC raised its position in shares of Spirit Airlines by 467.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock valued at $32,000 after acquiring an additional 1,623 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Spirit Airlines by 272.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company’s stock valued at $41,000 after purchasing an additional 1,550 shares in the last quarter. Rockefeller Capital Management L.P. bought a new position in shares of Spirit Airlines in the 2nd quarter valued at about $74,000. Quarry LP acquired a new stake in Spirit Airlines in the first quarter valued at $86,000. Finally, Money Concepts Capital Corp raised its holdings in shares of Spirit Airlines by 55,625.0% in the 4th quarter. Money Concepts Capital Corp now owns 4,458 shares of the company’s stock valued at $87,000 after purchasing an additional 4,450 shares during the period. 65.22% of the stock is owned by institutional investors and hedge funds.

Spirit Airlines Company Profile

(Get Free Report)

Spirit Airlines, Inc provides airline services. The company provides front seats, including wider seats with extra legroom, carry-on and checked baggage, assigned seats, travel insurance, and onboard beverages and snacks, as well as hotels, cars, vacation packages, and cruises services. It serves 92 destinations in 16 countries in the United States, Latin America, and the Caribbean.

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Earnings History for Spirit Airlines (NYSE:SAVE)

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