Analysts Anticipate Spirit Airlines Incorporated (SAVE) to Post $0.69 Earnings Per Share

Brokerages expect Spirit Airlines Incorporated (NASDAQ:SAVE) to report earnings per share (EPS) of $0.60 for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Spirit Airlines’ earnings. The lowest EPS estimate is $0.48 and the highest is $0.71. Spirit Airlines reported earnings per share of $0.77 in the same quarter last year, which indicates a negative year-over-year growth rate of 22.1%. The business is scheduled to report its next quarterly earnings results on Tuesday, February 6th.

On average, analysts expect that Spirit Airlines will report full-year earnings of $3.26 per share for the current financial year, with EPS estimates ranging from $3.06 to $3.31. For the next fiscal year, analysts expect that the company will report earnings of $3.14 per share, with EPS estimates ranging from $2.75 to $3.65. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that that provide coverage for Spirit Airlines.

Spirit Airlines (NASDAQ:SAVE) last posted its earnings results on Thursday, October 26th. The transportation company reported $0.94 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.04. Spirit Airlines had a net margin of 8.55% and a return on equity of 15.86%. The business had revenue of $687.20 million for the quarter, compared to analyst estimates of $686.13 million. During the same quarter in the prior year, the firm earned $1.24 EPS. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year.

SAVE has been the topic of several analyst reports. Macquarie initiated coverage on shares of Spirit Airlines in a report on Monday, September 25th. They issued a “neutral” rating and a $33.00 target price on the stock. Stifel Nicolaus reissued a “buy” rating and set a $55.00 price objective on shares of Spirit Airlines in a report on Thursday, September 28th. Deutsche Bank lowered shares of Spirit Airlines from a “buy” rating to a “hold” rating and set a $38.00 price objective on the stock. in a report on Friday, October 6th. Cowen reissued a “hold” rating and set a $37.00 price objective on shares of Spirit Airlines in a report on Tuesday, October 17th. Finally, Morgan Stanley increased their price objective on shares of Spirit Airlines from $38.00 to $39.00 and gave the stock an “equal weight” rating in a report on Monday, October 23rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $46.75.

Shares of Spirit Airlines (SAVE) opened at $45.19 on Friday. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Spirit Airlines has a fifty-two week low of $30.32 and a fifty-two week high of $60.28. The firm has a market cap of $3,130.00, a PE ratio of 14.35, a PEG ratio of 1.82 and a beta of 0.75.

Spirit Airlines declared that its Board of Directors has initiated a stock repurchase plan on Thursday, October 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the transportation company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

In other news, VP John A. Bendoraitis sold 2,340 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $42.92, for a total value of $100,432.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.33% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Clinton Group Inc. bought a new position in shares of Spirit Airlines in the 2nd quarter valued at about $813,000. Verition Fund Management LLC bought a new position in shares of Spirit Airlines in the 2nd quarter valued at about $1,407,000. Wedge Capital Management L L P NC boosted its stake in shares of Spirit Airlines by 1.5% in the 3rd quarter. Wedge Capital Management L L P NC now owns 349,947 shares of the transportation company’s stock valued at $11,692,000 after purchasing an additional 5,258 shares during the last quarter. Caxton Associates LP bought a new position in shares of Spirit Airlines in the 2nd quarter valued at about $1,550,000. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Spirit Airlines by 5.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 285,782 shares of the transportation company’s stock valued at $14,761,000 after purchasing an additional 14,790 shares during the last quarter.

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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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Earnings History and Estimates for Spirit Airlines (NASDAQ:SAVE)

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