Spirit Airlines, Inc. (NASDAQ:SAVE) Expected to Post Quarterly Sales of $701.85 Million
Equities research analysts expect Spirit Airlines, Inc. (NASDAQ:SAVE) to report sales of $701.85 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Spirit Airlines’ earnings. The lowest sales estimate is $696.97 million and the highest is $713.00 million. Spirit Airlines posted sales of $584.13 million during the same quarter last year, which suggests a positive year over year growth rate of 20.2%. The company is expected to issue its next quarterly earnings report before the market opens on Thursday, July 27th.
On average, analysts expect that Spirit Airlines will report full-year sales of $701.85 million for the current year, with estimates ranging from $2.72 billion to $2.76 billion. For the next financial year, analysts anticipate that the firm will post sales of $3.26 billion per share, with estimates ranging from $3.21 billion to $3.31 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow Spirit Airlines.
Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings data on Friday, April 28th. The transportation company reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. Spirit Airlines had a return on equity of 18.60% and a net margin of 9.89%. The company had revenue of $591.80 million during the quarter, compared to analysts’ expectations of $591.31 million. During the same quarter in the previous year, the business earned $1.01 earnings per share. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis.
Several research analysts have recently commented on SAVE shares. Deutsche Bank AG lifted their target price on Spirit Airlines from $44.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, April 14th. Cowen and Company lifted their target price on Spirit Airlines from $58.00 to $62.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 18th. Imperial Capital reiterated an “outperform” rating and issued a $70.00 target price (up previously from $68.00) on shares of Spirit Airlines in a research report on Thursday, April 20th. Citigroup Inc. reiterated a “neutral” rating and issued a $60.00 target price (up previously from $58.00) on shares of Spirit Airlines in a research report on Saturday, April 22nd. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 target price on shares of Spirit Airlines in a research report on Saturday, April 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and three have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $63.21.
In related news, VP Edmundo Miranda sold 3,131 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $59.39, for a total value of $185,950.09. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.26% of the company’s stock.
A number of hedge funds have recently made changes to their positions in SAVE. James Investment Research Inc. acquired a new stake in shares of Spirit Airlines during the first quarter valued at $137,000. Envestnet Asset Management Inc. increased 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. acquired a new stake in shares of Spirit Airlines during the first quarter valued at $346,000. Parkwood LLC increased 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 acquired a new stake in shares of Spirit Airlines during the first quarter valued at $368,000.
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Shares of Spirit Airlines (SAVE) traded down 1.1396% during midday trading on Friday, reaching $49.9937. The company’s stock had a trading volume of 994,214 shares. The firm has a market capitalization of $3.47 billion, a PE ratio of 14.8570 and a beta of 0.63. Spirit Airlines has a 1-year low of $37.17 and a 1-year high of $60.40. The company’s 50-day moving average price is $53.20 and its 200 day moving average price is $53.92.
About Spirit Airlines
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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