Spirit Airlines (NYSE:SAVE) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Spirit Airlines (NYSE:SAVE) released its earnings results on Monday. The company reported ($1.46) earnings per share for the quarter, missing the consensus estimate of ($1.45) by ($0.01), Briefing.com reports. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period last year, the business earned ($0.82) earnings per share. The business’s revenue was down 6.2% on a year-over-year basis.

Spirit Airlines Stock Performance

SAVE stock opened at $3.31 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69. The company has a market capitalization of $362.45 million, a price-to-earnings ratio of -0.81 and a beta of 1.41. Spirit Airlines has a 12 month low of $3.18 and a 12 month high of $19.69. The firm has a 50 day moving average of $4.54 and a two-hundred day moving average of $9.20.

Spirit Airlines Announces Dividend

The firm also recently announced a dividend, which was paid on Thursday, February 29th. Shareholders of record on Friday, February 23rd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, February 22nd.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Seaport Res Ptn downgraded shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 17th. Barclays assumed coverage on shares of Spirit Airlines in a research report on Wednesday, March 27th. They set an “underweight” rating and a $4.00 price objective on the stock. Evercore ISI lowered their price objective on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating on the stock in a research report on Thursday, April 4th. Citigroup lowered their price objective on shares of Spirit Airlines from $4.00 to $3.85 and set a “sell” rating on the stock in a research report on Wednesday, April 17th. Finally, TD Cowen lowered their price objective on shares of Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Tuesday. Five equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $4.54.

Spirit Airlines Company Profile

Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.