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

Spirit Airlines (NYSE:SAVE) issued its 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. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the business posted ($0.82) EPS. Spirit Airlines’s revenue was down 6.2% compared to the same quarter last year.

Spirit Airlines Trading Up 2.4 %

Spirit Airlines stock opened at $3.40 on Thursday. The stock has a market cap of $372.30 million, a P/E ratio of -0.83 and a beta of 1.41. Spirit Airlines has a 12 month low of $3.18 and a 12 month high of $19.69. The company’s fifty day simple moving average is $4.41 and its 200-day simple moving average is $9.07. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69.

Spirit Airlines Dividend Announcement

The company also recently disclosed 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 of this dividend was Thursday, February 22nd.

Analyst Ratings Changes

SAVE has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft reduced their price objective on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Tuesday. Susquehanna reduced their price objective on shares of Spirit Airlines from $4.00 to $3.00 and set a “negative” rating for the company in a report on Wednesday. Bank of America started coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They set an “underperform” rating and a $5.00 target price on the stock. Barclays initiated coverage on shares of Spirit Airlines in a report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price objective for the company. Finally, Seaport Res Ptn downgraded Spirit Airlines from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 17th. Five analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, Spirit Airlines has a consensus rating of “Reduce” and a consensus price target 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.