Spirit Airlines Incorporated (SAVE) Expected to Announce Quarterly Sales of $653.95 Million

Wall Street analysts expect Spirit Airlines Incorporated (NASDAQ:SAVE) to report $653.95 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Spirit Airlines’ earnings, with the lowest sales estimate coming in at $645.50 million and the highest estimate coming in at $666.00 million. Spirit Airlines posted sales of $578.35 million in the same quarter last year, which would indicate a positive year over year growth rate of 13.1%. The company is scheduled to issue its next quarterly earnings report on Tuesday, February 6th.

According to Zacks, analysts expect that Spirit Airlines will report full-year sales of $653.95 million for the current year, with estimates ranging from $2.63 billion to $2.65 billion. For the next fiscal year, analysts anticipate that the business will post sales of $3.22 billion per share, with estimates ranging from $3.15 billion to $3.32 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Spirit Airlines.

Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Thursday, October 26th. The transportation company reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $687.20 million during the quarter, compared to analysts’ expectations of $686.13 million. During the same period last year, the company posted $1.24 earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year.

A number of brokerages have issued reports on SAVE. Imperial Capital reaffirmed an “in-line” rating and issued a $42.00 target price (up from $36.00) on shares of Spirit Airlines in a report on Thursday. Stifel Nicolaus cut shares of Spirit Airlines from a “buy” rating to a “hold” rating and increased their target price for the company from $45.00 to $50.00 in a report on Monday, January 15th. Stephens reaffirmed a “buy” rating and issued a $61.00 target price on shares of Spirit Airlines in a report on Wednesday, January 10th. Cowen reaffirmed a “hold” rating and issued a $49.00 target price on shares of Spirit Airlines in a report on Tuesday, January 9th. Finally, Bank of America raised shares of Spirit Airlines from a “neutral” rating to a “buy” rating and set a $53.00 target price for the company in a report on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company. Spirit Airlines presently has a consensus rating of “Hold” and a consensus price target of $46.75.

Shares of Spirit Airlines (NASDAQ:SAVE) traded down $1.00 during trading on Monday, reaching $44.19. 178,202 shares of the company’s stock were exchanged, compared to its average volume of 1,280,000. Spirit Airlines has a 12 month low of $30.32 and a 12 month high of $60.28. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The stock has a market capitalization of $3,130.00, a PE ratio of 14.03, a PEG ratio of 1.82 and a beta of 0.75.

Spirit Airlines declared that its Board of Directors has authorized a share buyback program on Thursday, October 26th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the transportation company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

In other news, VP John A. Bendoraitis sold 2,340 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $42.92, for a total transaction of $100,432.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.33% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of SAVE. Schwab Charles Investment Management Inc. increased its stake in shares of Spirit Airlines by 5.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 285,782 shares of the transportation company’s stock worth $14,761,000 after purchasing an additional 14,790 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Spirit Airlines by 8.0% during the 2nd quarter. Legal & General Group Plc now owns 20,480 shares of the transportation company’s stock worth $1,057,000 after purchasing an additional 1,522 shares in the last quarter. Amalgamated Bank increased its stake in shares of Spirit Airlines by 22.4% during the 2nd quarter. Amalgamated Bank now owns 12,549 shares of the transportation company’s stock worth $648,000 after purchasing an additional 2,297 shares in the last quarter. Laurion Capital Management LP purchased a new stake in Spirit Airlines in the 2nd quarter worth approximately $547,000. Finally, New York State Common Retirement Fund grew its stake in Spirit Airlines by 8.7% in the 2nd quarter. New York State Common Retirement Fund now owns 223,143 shares of the transportation company’s stock worth $11,525,000 after acquiring an additional 17,885 shares during the period.

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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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