Zacks: Brokerages Anticipate Spirit Airlines, Inc. (SAVE) Will Post Quarterly Sales of $709.98 Million
Wall Street analysts predict that Spirit Airlines, Inc. (NASDAQ:SAVE) will post $709.98 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Spirit Airlines’ earnings, with estimates ranging from $692.00 million to $735.30 million. Spirit Airlines posted sales of $621.33 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 14.3%. The business is scheduled to issue its next quarterly earnings results on Tuesday, October 24th.
On average, analysts expect that Spirit Airlines will report full-year sales of $709.98 million for the current year, with estimates ranging from $2.60 billion to $2.70 billion. For the next fiscal year, analysts expect that the business will report sales of $3.14 billion per share, with estimates ranging from $3.01 billion to $3.25 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Spirit Airlines.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.03. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The firm had revenue of $701.68 million for the quarter, compared to analysts’ expectations of $702.29 million. During the same quarter last year, the company earned $1.11 EPS. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year.
Several research analysts have issued reports on the company. J P Morgan Chase & Co upgraded Spirit Airlines from a “neutral” rating to an “overweight” rating and cut their price objective for the stock from $56.00 to $45.00 in a research report on Tuesday, August 1st. Citigroup Inc. upgraded Spirit Airlines from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $65.00 to $52.00 in a research report on Friday, July 28th. TheStreet cut Spirit Airlines from a “b-” rating to a “c+” rating in a research report on Monday, August 7th. ValuEngine cut Spirit Airlines from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Cowen and Company reiterated a “market perform” rating and issued a $45.00 price objective (down previously from $59.00) on shares of Spirit Airlines in a research report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $51.32.
Several institutional investors and hedge funds have recently bought and sold shares of SAVE. The Manufacturers Life Insurance Company boosted its stake 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 valued at $112,000 after acquiring an additional 141 shares during the last quarter. Advisor Group Inc. boosted its stake 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 valued at $113,000 after acquiring an additional 344 shares during the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Spirit Airlines during the second quarter valued at $238,000. Ramsey Quantitative Systems acquired a new stake in shares of Spirit Airlines during the second quarter valued at $281,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of Spirit Airlines during the first quarter valued at $346,000. 97.00% of the stock is currently owned by institutional investors and hedge funds.
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Shares of Spirit Airlines (SAVE) opened at 33.69 on Friday. The company has a 50-day moving average of $36.30 and a 200-day moving average of $49.06. The firm has a market cap of $2.34 billion, a PE ratio of 9.77 and a beta of 0.62. Spirit Airlines has a 1-year low of $30.32 and a 1-year high of $60.40.
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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