Spirit Airlines (NYSE:SAVE) Posts Earnings Results, Misses Expectations By $0.14 EPS

Spirit Airlines (NYSE:SAVE) announced its quarterly earnings data on Thursday. The company reported ($1.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.14), Briefing.com reports. Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 53.58%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period last year, the company posted $0.29 EPS. Spirit Airlines’s revenue for the quarter was down 10.6% on a year-over-year basis.

Spirit Airlines Price Performance

NYSE SAVE remained flat at $2.76 during trading on Friday. 5,462,532 shares of the company’s stock traded hands, compared to its average volume of 6,101,966. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 3.17. Spirit Airlines has a 1-year low of $2.60 and a 1-year high of $17.94. The stock has a 50 day simple moving average of $3.36 and a two-hundred day simple moving average of $4.50.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Barclays cut their price objective on shares of Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating for the company in a research note on Wednesday, July 10th. Citigroup cut their price objective on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a research note on Tuesday, July 23rd. TD Cowen cut shares of Spirit Airlines from a “hold” rating to a “sell” rating and cut their price objective for the company from $3.00 to $2.00 in a research note on Wednesday, July 17th. Raymond James cut shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a research note on Friday, July 5th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Spirit Airlines from a “hold” rating to a “sell” rating and dropped their price target for the company from $3.00 to $2.00 in a research report on Monday, July 8th. Eight analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $2.64.

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.