Analysts Expect Spirit Airlines, Inc. (SAVE) Will Announce Quarterly Sales of $709.98 Million
Brokerages expect Spirit Airlines, Inc. (NASDAQ:SAVE) to announce $709.98 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Spirit Airlines’ earnings. The lowest sales estimate is $692.00 million and the highest is $735.30 million. Spirit Airlines reported sales of $621.33 million in the same quarter last year, which indicates a positive year-over-year growth rate of 14.3%. The business is expected to report its next earnings results on Tuesday, October 24th.
On average, analysts expect that Spirit Airlines will report full-year sales of $709.98 million for the current financial year, with estimates ranging from $2.58 billion to $2.67 billion. For the next year, analysts forecast that the company will post sales of $3.12 billion per share, with estimates ranging from $3.00 billion to $3.25 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Spirit Airlines.
Spirit Airlines (NASDAQ:SAVE) last released its earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.03. The company had revenue of $701.68 million for the quarter, compared to analysts’ expectations of $702.29 million. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. Spirit Airlines’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.11 EPS.
Several analysts have recently issued reports on the stock. Stifel Nicolaus reiterated a “buy” rating and issued a $55.00 target price on shares of Spirit Airlines in a research report on Thursday, September 28th. Macquarie assumed coverage on shares of Spirit Airlines in a research report on Monday, September 25th. They issued a “neutral” rating and a $33.00 target price on the stock. J P Morgan Chase & Co lowered shares of Spirit Airlines from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $45.00 to $37.00 in a research report on Friday, September 15th. Deutsche Bank AG dropped their target price on shares of Spirit Airlines from $54.00 to $42.00 and set a “buy” rating on the stock in a research report on Wednesday, September 6th. Finally, ValuEngine lowered shares of Spirit Airlines from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $48.14.
In other Spirit Airlines news, Director H. Mcintyre Gardner purchased 5,000 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were purchased at an average cost of $33.78 per share, with a total value of $168,900.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.33% of the company’s stock.
Several large investors have recently bought and sold shares of SAVE. The Manufacturers Life Insurance Company lifted its stake in shares of Spirit Airlines by 7.0% in the second quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after buying an additional 141 shares in the last quarter. Advisor Group Inc. raised its stake in Spirit Airlines by 18.8% during the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after purchasing an additional 344 shares during the period. Intact Investment Management Inc. purchased a new position in Spirit Airlines during the second quarter worth about $238,000. Ramsey Quantitative Systems purchased a new position in Spirit Airlines during the second quarter worth about $281,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in Spirit Airlines during the first quarter worth about $346,000. 96.99% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Spirit Airlines (NASDAQ:SAVE) opened at 35.56 on Thursday. Spirit Airlines has a 52 week low of $30.32 and a 52 week high of $60.40. The firm has a 50-day moving average of $34.44 and a 200 day moving average of $47.38. The stock has a market cap of $2.47 billion, a PE ratio of 10.31 and a beta of 0.66.
TRADEMARK VIOLATION NOTICE: This news story was posted by Marea Informative and is the sole property of of Marea Informative. If you are viewing this news story on another site, it was copied illegally and reposted in violation of United States & international copyright & trademark legislation. The original version of this news story can be viewed at http://www.mareainformativa.com/analysts-expect-spirit-airlines-inc-save-will-announce-quarterly-sales-of-709-98-million/116531/.
Spirit Airlines Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for Spirit Airlines Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spirit Airlines Inc. and related stocks with our FREE daily email newsletter.