Spirit Airlines (NYSE:SAVE) Announces Quarterly Earnings Results

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

Spirit Airlines Price Performance

SAVE stock opened at $3.31 on Wednesday. The stock has a 50-day moving average price of $4.54 and a two-hundred day moving average price of $9.20. Spirit Airlines has a 12-month low of $3.18 and a 12-month high of $19.69. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.69. The company has a market cap of $362.45 million, a PE ratio of -0.81 and a beta of 1.41.

Spirit Airlines Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have weighed in on SAVE shares. Bank of America started coverage on Spirit Airlines in a research report on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price target for the company. Citigroup dropped their price target 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. Evercore ISI lowered their price objective on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research report on Thursday, April 4th. Susquehanna lowered their price objective on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a research report on Tuesday, April 9th. Finally, TD Cowen lowered 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. Five investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price 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.