Spirit Airlines Earnings: SAVE Stock Slides on Q4 Earnings Miss

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Spirit Airlines earnings (NYSE:SAVE) were not up to par late Tuesday afternoon, causing SAVE stock to backtrack more than 3% after hours.

Spirit Airlines earningsThe Miramar, Fla.-based airline said that for its fourth quarter of its fiscal 2018, it brought in earnings of $1.38 per share. This figure was a slight miss when compared to the Wall Street consensus estimate of $1.39 per share, according to data compiled by Zacks Investment Research.

Spirit Airlines added that its fourth-quarter revenue tallied up to $862.8 million, which marked a beat over the $852 million that analysts were calling for. “Despite cost pressures from significantly higher fuel and pilot wage rates, Spirit produced strong earnings growth for 2018, made great strides in improving our customer satisfaction metrics and delivered excellent operational performance,” Ted Christie said in a statement on Tuesday.

For its first quarter of its fiscal 2019, the company said it forecasts its unit revenue to surge 5% year-over-year, well below the 11.4% increase in the same metric during its fourth quarter of 2018. Spirit Airlines did say it sees its flight capacity increasing 15% this year, which is better than its previous forecast.

For its fiscal 2019, the company also projects non-fuel unit costs to increase 1% to 2%, up from its previous guidance of a 1% surge.

SAVE stock was down about 3.1% after the bell following the company’s underwhelming fourth-quarter results, as well as its disappointing first-quarter projection. Shares had been gaining close to 0.3% during regular trading hours as the market eagerly anticipated the airline’s quarterly report.


Article printed from InvestorPlace Media, https://investorplace.com/2019/02/spirit-airlines-earnings-save-stock/.

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