Brokerages Expect Spirit Airlines, Inc. (SAVE) Will Announce Quarterly Sales of $704.55 Million
Equities analysts predict that Spirit Airlines, Inc. (NASDAQ:SAVE) will announce sales of $704.55 million for the current quarter, Zacks reports. Five analysts have issued estimates for Spirit Airlines’ earnings, with estimates ranging from $698.80 million to $713.00 million. Spirit Airlines reported sales of $584.13 million during the same quarter last year, which indicates a positive year over year growth rate of 20.6%. The company is scheduled to report its next earnings results on Friday, August 4th.
On average, analysts expect that Spirit Airlines will report full year sales of $704.55 million for the current financial year, with estimates ranging from $2.72 billion to $2.76 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $3.27 billion per share, with estimates ranging from $3.21 billion to $3.31 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that follow Spirit Airlines.
Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Friday, April 28th. The transportation company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. Spirit Airlines had a net margin of 9.89% and a return on equity of 18.60%. The firm had revenue of $591.80 million for the quarter, compared to analyst estimates of $591.31 million. During the same quarter last year, the business posted $1.01 earnings per share. The company’s quarterly revenue was up 10.0% on a year-over-year basis.
A number of equities analysts have commented on SAVE shares. Zacks Investment Research cut shares of Spirit Airlines from a “buy” rating to a “hold” rating in a research note on Monday, February 27th. Imperial Capital reissued an “outperform” rating and issued a $68.00 price target (up previously from $58.00) on shares of Spirit Airlines in a research note on Friday, March 3rd. Citigroup Inc. reissued a “neutral” rating and issued a $60.00 price target (up previously from $58.00) on shares of Spirit Airlines in a research note on Saturday, April 22nd. Deutsche Bank AG boosted their price target on shares of Spirit Airlines from $44.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, April 14th. Finally, Wolfe Research raised shares of Spirit Airlines from a “market perform” rating to an “outperform” rating in a research note on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $61.05.
In other news, VP Edmundo Miranda sold 3,131 shares of the company’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $59.39, for a total value of $185,950.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.26% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in the stock. James Investment Research Inc. purchased a new stake in shares of Spirit Airlines during the first quarter valued at $137,000. Envestnet Asset Management Inc. boosted its stake in shares of Spirit Airlines by 2.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,731 shares of the transportation company’s stock valued at $216,000 after buying an additional 92 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Spirit Airlines during the first quarter valued at $346,000. Parkwood LLC boosted its stake in shares of Spirit Airlines by 24.9% in the first quarter. Parkwood LLC now owns 6,675 shares of the transportation company’s stock valued at $354,000 after buying an additional 1,332 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new stake in shares of Spirit Airlines during the first quarter valued at $368,000.
Shares of Spirit Airlines (NASDAQ:SAVE) opened at 52.55 on Friday. Spirit Airlines has a 12 month low of $37.17 and a 12 month high of $60.40. The firm has a 50-day moving average of $55.02 and a 200-day moving average of $54.75. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of 15.62 and a beta of 0.56.
Spirit Airlines Company Profile
Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.
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