$0.86 Earnings Per Share Expected for Spirit Airlines, Inc. (SAVE) This Quarter
Equities research analysts expect Spirit Airlines, Inc. (NASDAQ:SAVE) to report $0.86 earnings per share (EPS) for the current quarter, Zacks reports. Five analysts have made estimates for Spirit Airlines’ earnings. The lowest EPS estimate is $0.65 and the highest is $0.92. Spirit Airlines posted earnings per share of $1.24 during the same quarter last year, which would suggest a negative year over year growth rate of 30.6%. The company is expected to issue its next earnings results before the market opens on Thursday, October 26th.
According to Zacks, analysts expect that Spirit Airlines will report full-year earnings of $2.95 per share for the current year, with EPS estimates ranging from $2.60 to $3.13. For the next year, analysts forecast that the company will report earnings of $3.09 per share, with EPS estimates ranging from $2.56 to $3.80. Zacks’ EPS calculations are a mean average based on a survey of sell-side research analysts that cover 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, topping analysts’ consensus estimates of $1.11 by $0.03. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The company had revenue of $701.68 million for the quarter, compared to the consensus estimate of $702.29 million. During the same quarter last year, the business posted $1.11 EPS. Spirit Airlines’s quarterly revenue was up 20.1% compared to the same quarter last year.
A number of equities research analysts recently weighed in on the company. TheStreet downgraded Spirit Airlines from a “b-” rating to a “c+” rating in a research report on Monday, August 7th. Cowen and Company reissued a “hold” rating and set a $37.00 target price on shares of Spirit Airlines in a research report on Tuesday, October 17th. Stifel Nicolaus decreased their target price on Spirit Airlines from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, October 17th. Zacks Investment Research raised Spirit Airlines from a “sell” rating to a “hold” rating in a research report on Monday, August 7th. Finally, Morgan Stanley decreased their target price on Spirit Airlines from $54.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 17th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $45.60.
In related news, Director H. Mcintyre Gardner acquired 5,000 shares of the firm’s stock in a transaction on Friday, September 15th. The shares were bought at an average cost of $33.78 per share, with a total value of $168,900.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.33% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its holdings in 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 purchasing an additional 141 shares in the last quarter. Advisor Group Inc. boosted its holdings in 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 purchasing an additional 344 shares in the last quarter. Intact Investment Management Inc. acquired a new stake in Spirit Airlines during the second quarter valued at approximately $238,000. Ramsey Quantitative Systems acquired a new stake in Spirit Airlines during the second quarter valued at approximately $281,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Spirit Airlines during the first quarter valued at approximately $346,000. 96.99% of the stock is currently owned by institutional investors.
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Spirit Airlines (NASDAQ SAVE) opened at 33.81 on Friday. The company has a market cap of $2.35 billion, a P/E ratio of 9.80 and a beta of 0.66. Spirit Airlines has a 12-month low of $30.32 and a 12-month high of $60.40. The firm’s 50-day moving average price is $34.00 and its 200-day moving average price is $45.95.
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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