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

Spirit Airlines (NYSE:SAVE) released its earnings results 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 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 firm’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.82) EPS.

Spirit Airlines Stock Performance

SAVE stock traded up $0.19 during trading on Thursday, hitting $3.59. 2,908,650 shares of the company’s stock traded hands, compared to its average volume of 13,629,270. Spirit Airlines has a 52 week low of $3.18 and a 52 week high of $19.69. The stock has a market capitalization of $393.11 million, a price-to-earnings ratio of -0.88 and a beta of 1.41. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69. The stock has a fifty day moving average price of $4.41 and a two-hundred day moving average price of $9.07.

Spirit Airlines Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SAVE. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Tuesday. Seaport Res Ptn downgraded shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 17th. Susquehanna lowered their target price on shares of Spirit Airlines from $4.00 to $3.00 and set a “negative” rating for the company in a report on Wednesday. Evercore ISI decreased their price target on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research note on Thursday, April 4th. Finally, Citigroup decreased their price target on shares of Spirit Airlines from $4.00 to $3.85 and set a “sell” rating for the company in a research note on Wednesday, April 17th. Five investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $3.62.

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.