Zacks: Analysts Expect Spirit Airlines, Inc. (SAVE) Will Announce Earnings of $0.98 Per Share
Analysts forecast that Spirit Airlines, Inc. (NASDAQ:SAVE) will report earnings of $0.98 per share for the current quarter, Zacks reports. Five analysts have made estimates for Spirit Airlines’ earnings. The lowest EPS estimate is $0.80 and the highest is $1.28. Spirit Airlines reported earnings per share of $1.24 in the same quarter last year, which indicates a negative year-over-year growth rate of 21%. The firm is scheduled to announce its next earnings report on Tuesday, October 24th.
On average, analysts expect that Spirit Airlines will report full-year earnings of $3.22 per share for the current fiscal year, with EPS estimates ranging from $2.81 to $3.70. For the next financial year, analysts forecast that the firm will post earnings of $3.65 per share, with EPS estimates ranging from $2.60 to $4.70. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that follow Spirit Airlines.
Spirit Airlines (NASDAQ:SAVE) last released its earnings results on Thursday, July 27th. The transportation company reported $1.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.03. The company had revenue of $701.68 million during the quarter, compared to analysts’ expectations of $702.29 million. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The business’s revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.11 EPS.
Several equities analysts have issued reports on SAVE shares. Wolfe Research upgraded Spirit Airlines from a “market perform” rating to an “outperform” rating in a research report on Friday, June 2nd. Deutsche Bank AG reiterated a “buy” rating and issued a $54.00 price objective (down previously from $69.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Morgan Stanley reiterated an “equal weight” rating and issued a $56.00 price objective (down previously from $60.00) on shares of Spirit Airlines in a research report on Tuesday, July 25th. Stifel Nicolaus reiterated a “buy” rating and issued a $55.00 price objective (down previously from $75.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Finally, Zacks Investment Research downgraded Spirit Airlines from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Spirit Airlines currently has a consensus rating of “Hold” and an average price target of $51.32.
Spirit Airlines (NASDAQ:SAVE) traded down 0.11% during trading on Thursday, hitting $34.87. The stock had a trading volume of 1,090,435 shares. The firm has a market cap of $2.42 billion, a PE ratio of 10.11 and a beta of 0.62. Spirit Airlines has a 52 week low of $30.32 and a 52 week high of $60.40. The company’s 50-day moving average is $37.28 and its 200 day moving average is $49.41.
Several hedge funds have recently added to or reduced their stakes in SAVE. The Manufacturers Life Insurance Company raised its position in shares of Spirit Airlines by 7.0% during the second quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after acquiring an additional 141 shares during the last quarter. Advisor Group Inc. raised its position in shares of Spirit Airlines by 18.8% during the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after acquiring an additional 344 shares during the last quarter. Intact Investment Management Inc. bought a new stake in shares of Spirit Airlines during the second quarter worth $238,000. Ramsey Quantitative Systems bought a new stake in shares of Spirit Airlines during the second quarter worth $281,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Spirit Airlines during the first quarter worth $346,000. Institutional investors own 97.00% of the company’s stock.
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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