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SAVE

Spirit Airlines, Inc.

https://www.spirit.com

Industry

Airlines, Airports & Air Services

Spirit Airlines, Inc. provides airline services. It serves 85 destinations in 16 countries in the United States, Latin America, and the Caribbean. As of December 31, 2021, the company had a fleet of 173 Airbus single-aisle aircraft. It sells tickets through its call centers and airport ticket counters, as well as online through spirit.com; and through various third parties, including online, traditional travel agents, and electronic global distribution systems. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc. in 1992. Spirit Airlines, Inc. was founded in 1964 and is headquartered in Miramar, Florida.

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In the last three months, 7 analysts have published ratings on Spirit Airlines (NYSE:SAVE), with a majority being somewhat bearish or bearish. The average 12-month price target has decreased by 23.36% to $2.46. Analysts have lowered their ratings and price targets, reflecting negative sentiment towards the company's financial performance.

Portfolio Pulse from Benzinga Insights

August 16, 2024 | 3:00 pm

Susquehanna analyst Christopher Stathoulopoulos maintains a Negative rating on Spirit Airlines (NYSE:SAVE) and lowers the price target from $2.5 to $2.25.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2024 | 2:48 pm

Spirit Airlines has announced four new travel options, expanding its service offerings.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 1:33 pm

The Biden administration has proposed a new rule to ban airlines from charging fees for seating families together. This rule, proposed by the U.S. Department of Transportation, aims to make flying with young children more affordable by eliminating extra seating fees. The rule would impact several airlines, with some already complying voluntarily and others still charging these fees.

Portfolio Pulse from Michael Juliano

August 01, 2024 | 7:01 pm

Spirit Airlines' CEO announced that the company is focused on refinancing its debt and improving its overall liquidity position during a conference call.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 2:27 pm

Spirit Airlines expects to have 67 jets parked due to engine issues by the end of 2025, as discussed in a recent conference call.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 2:23 pm

Spirit Airlines CEO has stated that the company is engaged in productive conversations with advisors of their bondholders to address upcoming debt maturities. The CEO also emphasized that the low-fare model is not broken or obsolete.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 2:11 pm

Spirit Airlines expects Q3 total revenue to be between $1.155B and $1.175B, below the estimated $1.331B. The company faces challenges from increased industry capacity and changes in ancillary pricing. Additionally, the elimination of change and cancellation fees is expected to impact revenue per passenger segment negatively through 2024. A recent operational disruption due to a CrowdStrike IT outage resulted in the cancellation of 470 flights, with an estimated $7.2 million negative impact on Q3 operating income.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 10:23 am

Spirit Airlines is in active discussions with advisors to noteholders to address upcoming debt maturities. The company expects to end 2024 with over $1.0 billion in liquidity, assuming successful closure of current liquidity initiatives.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 9:57 am

Spirit Airlines is on track to achieve $100 million in annual run-rate cost savings, with $75 million expected by the end of 2024. The company is implementing various cost-saving initiatives, including suspending recruitment, offering voluntary unpaid leaves, and realigning its network by exiting 42 markets and adding 77 new ones. Additionally, Spirit has deferred aircraft orders with Airbus to 2030-2031.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 9:56 am

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