Spirit Airlines (NYSE:SAVE) Announces Quarterly Earnings Results

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

Spirit Airlines Stock Performance

Spirit Airlines stock opened at $3.34 on Tuesday. 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 has a fifty-two week low of $3.18 and a fifty-two week high of $19.69. The stock has a fifty day moving average of $4.59 and a two-hundred day moving average of $9.29.

Spirit Airlines Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SAVE shares. Bank of America started coverage on Spirit Airlines in a research note on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price target for the company. TD Cowen cut their price target on shares of Spirit Airlines from $5.00 to $4.00 and set a “hold” rating for the company in a report on Tuesday, April 16th. Barclays began coverage on Spirit Airlines in a research note on Wednesday, March 27th. They set an “underweight” rating and a $4.00 target price for the company. Citigroup dropped their price objective on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating on the stock in a report on Wednesday, April 17th. Finally, Evercore ISI lowered their price target on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating on the stock in a research note on Thursday, April 4th. Five equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $4.91.

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.