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

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

Spirit Airlines Stock Performance

SAVE stock traded up $0.05 during midday trading on Wednesday, reaching $3.37. 2,756,359 shares of the company were exchanged, compared to its average volume of 13,694,465. Spirit Airlines has a one year low of $3.18 and a one year high of $19.69. The firm has a market capitalization of $369.02 million, a price-to-earnings ratio of -0.81 and a beta of 1.41. The business has a 50-day moving average price of $4.54 and a two-hundred day moving average price of $9.20. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90.

Spirit Airlines Announces Dividend

The firm also recently declared 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 was Thursday, February 22nd.

Analyst Upgrades and Downgrades

SAVE has been the subject of a number of analyst reports. Evercore ISI decreased their price objective on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a report on Thursday, April 4th. Barclays initiated coverage on Spirit Airlines in a research note on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 target price for the company. Citigroup decreased their price objective on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating for the company in a research report on Wednesday, April 17th. Seaport Res Ptn downgraded shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a report on Wednesday, January 17th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Tuesday. Five analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $4.42.

About Spirit Airlines

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.