Spirit Airlines Incorporated (SAVE) Expected to Announce Earnings of $1.19 Per Share

Brokerages expect Spirit Airlines Incorporated (NASDAQ:SAVE) to announce $1.19 earnings per share for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Spirit Airlines’ earnings, with estimates ranging from $0.90 to $1.26. Spirit Airlines posted earnings of $1.11 per share in the same quarter last year, which would suggest a positive year over year growth rate of 7.2%. The firm is scheduled to announce its next earnings results on Friday, August 4th.

According to Zacks, analysts expect that Spirit Airlines will report full year earnings of $4.13 per share for the current year, with EPS estimates ranging from $3.72 to $4.27. For the next fiscal year, analysts anticipate that the business will post earnings of $4.91 per share, with EPS estimates ranging from $4.50 to $5.78. Zacks’ EPS averages are a mean average based on a survey of research firms that that provide coverage for Spirit Airlines.

Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data on Friday, April 28th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.02. The company had revenue of $591.80 million during the quarter, compared to analysts’ expectations of $591.31 million. Spirit Airlines had a net margin of 11.41% and a return on equity of 22.22%. The firm’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.01 EPS.

SAVE has been the subject of several research analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 target price on shares of Spirit Airlines in a research note on Saturday, April 22nd. Zacks Investment Research raised shares of Spirit Airlines from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Thursday, March 2nd. Imperial Capital reissued an “outperform” rating on shares of Spirit Airlines in a research note on Friday, March 17th. Cowen and Company lowered their price objective on shares of Spirit Airlines from $59.00 to $58.00 and set a “market perform” rating for the company in a research note on Monday, March 20th. Finally, Deutsche Bank AG raised their price objective on shares of Spirit Airlines from $44.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, April 14th. Six investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $61.05.

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Spirit Airlines (NASDAQ:SAVE) traded down 3.13% during midday trading on Thursday, reaching $55.63. 3,592,754 shares of the company’s stock traded hands. Spirit Airlines has a 1-year low of $37.17 and a 1-year high of $60.40. The firm’s 50-day moving average is $54.37 and its 200-day moving average is $53.83. The company has a market capitalization of $3.86 billion, a price-to-earnings ratio of 16.53 and a beta of 0.78.

In related news, VP Edmundo Miranda sold 3,131 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $59.39, for a total value of $185,950.09. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.26% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. Strs Ohio purchased a new stake in shares of Spirit Airlines during the first quarter valued at $46,436,000. FMR LLC boosted its stake in shares of Spirit Airlines by 9.8% in the fourth quarter. FMR LLC now owns 7,425,201 shares of the transportation company’s stock valued at $429,622,000 after buying an additional 660,288 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Spirit Airlines by 24.3% in the first quarter. Wells Fargo & Company MN now owns 3,093,057 shares of the transportation company’s stock valued at $164,148,000 after buying an additional 604,447 shares during the period. Tide Point Capital Management LP purchased a new stake in shares of Spirit Airlines during the fourth quarter valued at $34,384,000. Finally, Scout Investments Inc. boosted its stake in shares of Spirit Airlines by 158.9% in the first quarter. Scout Investments Inc. now owns 926,601 shares of the transportation company’s stock valued at $44,458,000 after buying an additional 568,755 shares during the period. 96.91% of the stock is currently owned by hedge funds and other institutional investors.

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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