Brokerages predict that Spirit Airlines Incorporated (NASDAQ:SAVE) will report earnings per share of $1.15 for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Spirit Airlines’ earnings. The highest EPS estimate is $1.21 and the lowest is $0.98. Spirit Airlines reported earnings per share of $0.94 in the same quarter last year, which would suggest a positive year-over-year growth rate of 22.3%. The firm is expected to announce its next quarterly earnings results on Thursday, October 25th.
According to Zacks, analysts expect that Spirit Airlines will report full-year earnings of $3.37 per share for the current financial year, with EPS estimates ranging from $3.11 to $3.57. For the next year, analysts forecast that the business will report earnings of $4.22 per share, with EPS estimates ranging from $3.90 to $4.50. 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 released its quarterly earnings results on Wednesday, July 25th. The transportation company reported $1.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.02. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The company had revenue of $851.80 million during the quarter, compared to analysts’ expectations of $851.83 million. During the same quarter in the prior year, the business posted $1.14 earnings per share. The company’s revenue for the quarter was up 21.4% compared to the same quarter last year.
SAVE has been the subject of several recent analyst reports. Jefferies Financial Group raised Spirit Airlines from a “neutral” rating to a “buy” rating in a research note on Monday, April 30th. Imperial Capital reissued an “outperform” rating and issued a $48.00 price target (down previously from $52.00) on shares of Spirit Airlines in a research note on Friday, April 27th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Spirit Airlines in a research note on Monday, May 21st. Cowen increased their price target on Spirit Airlines from $39.00 to $46.00 and gave the stock a “market perform” rating in a research note on Friday, July 27th. Finally, Barclays decreased their price target on Spirit Airlines from $49.00 to $42.00 and set an “equal weight” rating for the company in a research note on Monday, July 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $50.08.
Shares of NASDAQ:SAVE traded up $0.79 on Tuesday, hitting $46.65. The company’s stock had a trading volume of 719,800 shares, compared to its average volume of 1,361,616. Spirit Airlines has a 12 month low of $30.32 and a 12 month high of $48.81. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.
Several institutional investors have recently made changes to their positions in SAVE. Strs Ohio acquired a new stake in shares of Spirit Airlines in the second quarter valued at $105,000. Point72 Hong Kong Ltd lifted its holdings in shares of Spirit Airlines by 147.4% in the second quarter. Point72 Hong Kong Ltd now owns 2,904 shares of the transportation company’s stock valued at $106,000 after buying an additional 1,730 shares during the period. Sei Investments Co. lifted its holdings in shares of Spirit Airlines by 127.9% in the second quarter. Sei Investments Co. now owns 3,934 shares of the transportation company’s stock valued at $143,000 after buying an additional 2,208 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in shares of Spirit Airlines by 286.2% in the second quarter. BNP Paribas Arbitrage SA now owns 4,445 shares of the transportation company’s stock valued at $162,000 after buying an additional 3,294 shares during the period. Finally, Resources Investment Advisors Inc. lifted its holdings in shares of Spirit Airlines by 50.0% in the first quarter. Resources Investment Advisors Inc. now owns 5,394 shares of the transportation company’s stock valued at $204,000 after buying an additional 1,797 shares during the period.
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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