Spirit Airlines (NYSE:SAVE) Announces Quarterly Earnings Results, Misses Estimates By $0.14 EPS

Spirit Airlines (NYSE:SAVE) announced its earnings results on Thursday. The company reported ($1.44) EPS for the quarter, missing the consensus estimate of ($1.30) by ($0.14), Briefing.com reports. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.30 billion. Spirit Airlines had a negative return on equity of 34.64% and a negative net margin of 9.21%. The business’s revenue was down 10.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.29 EPS.

Spirit Airlines Price Performance

Shares of Spirit Airlines stock remained flat at $2.76 during trading on Friday. 5,446,639 shares of the stock traded hands, compared to its average volume of 10,620,186. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 3.17. The business’s fifty day simple moving average is $3.38 and its two-hundred day simple moving average is $4.59. Spirit Airlines has a 1-year low of $2.60 and a 1-year high of $17.94. The firm has a market cap of $302.22 million, a P/E ratio of -0.60 and a beta of 1.41.

Analyst Ratings Changes

Several brokerages recently commented on SAVE. Raymond James downgraded shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a report on Friday, July 5th. Deutsche Bank Aktiengesellschaft downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating and dropped their price objective for the stock from $3.00 to $2.00 in a report on Monday, July 8th. Bank of America dropped their price objective on shares of Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a report on Wednesday, July 17th. Barclays dropped their price objective on shares of Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating on the stock in a report on Wednesday, July 10th. Finally, Citigroup dropped their price objective on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a report on Tuesday, July 23rd. Eight investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Based on data from MarketBeat, Spirit Airlines has a consensus rating of “Reduce” and an average price target of $2.64.

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.