We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Spirit Airlines (SAVE) Posts Narrower-Than-Expected Q1 Loss
Read MoreHide Full Article
Spirit Airlines’ (SAVE - Free Report) first-quarter 2021 loss (excluding $1.33 from non-recurring items) of $2.48 per share was narrower than the Zacks Consensus Estimate of a loss of $2.63 but wider than the year-ago loss of 86 cents.
Additionally, operating revenues of $461.3 million not only declined 40.2% year over year but also fell short of the Zacks Consensus Estimate of $465.4. The year-over-year fall in the top line was due to the coronavirus-led air-travel demand woes. Passenger revenues, which contributed 97.6% to the top line, plummeted 40.2% year over year. Additionally, revenues from other sources tanked 37.6%.
Load factor (% of seats filled by passengers) declined 0.7 percentage points to 72.1% as traffic contraction (27.7%) was more than the capacity reduction (26.9%). Total operating revenue per available seat miles decreased 18.2% to 5.78 cents in the reported quarter. Average yield fell 17.2% to 8.03 cents.
Spirit Airlines, Inc. Price, Consensus and EPS Surprise
Adjusted operating expenses decreased 11.5% to $733.5 million, mainly on reduced flight volume. Average fuel cost per gallon in the reported quarter slipped 2.2% year over year to $1.77. Fuel gallons consumed plunged 31.7%. Nonetheless, adjusted cost per available seat miles (CASM) excluding fuel climbed 31.2% in the reported quarter due to capacity cut.
Spirit, currently carrying a Zacks Rank #3 (Hold), ended the quarter with unrestricted cash, cash equivalents and short-term investments worth $1.9 billion. Capital expenditures for the March quarter were $92 million. The carrier expects second-quarter 2021 capacity to shrink 5.5% from the levels achieved in second-quarter 2019. Fuel cost per gallon and the effective tax rate in the June quarter are anticipated to be $1.95 and 22%, respectively. Adjusted EBITDA margin for the same period is projected between 0% and -5%.
Within the broader Transportation sector, Delta Air Lines (DAL - Free Report) , J.B. Hunt Transport Services (JBHT - Free Report) and Kansas City Southern recently reported first-quarter 2021 results.
Delta incurred a loss (excluding $1.70 from non-recurring items) of $3.55 per share, wider than the Zacks Consensus Estimate of a loss of $3.08. However, total revenues of $4,150 million topped the Zacks Consensus Estimate of $3,821.3 million.
J.B. Hunt delivered earnings of $1.37 per share, beating the Zacks Consensus Estimate of $1.18. Total operating revenues of $2,618.1 million also surpassed the Zacks Consensus Estimate of $2,486.9 million.
Kansas City Southern reported earnings (excluding 23 cents from non-recurring items) of $1.91 per share. The bottom line missed the Zacks Consensus Estimate of $2 per share. Moreover, quarterly revenues of $706 million lagged the Zacks Consensus Estimate of $714.3 million
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
Image: Shutterstock
Spirit Airlines (SAVE) Posts Narrower-Than-Expected Q1 Loss
Spirit Airlines’ (SAVE - Free Report) first-quarter 2021 loss (excluding $1.33 from non-recurring items) of $2.48 per share was narrower than the Zacks Consensus Estimate of a loss of $2.63 but wider than the year-ago loss of 86 cents.
Additionally, operating revenues of $461.3 million not only declined 40.2% year over year but also fell short of the Zacks Consensus Estimate of $465.4. The year-over-year fall in the top line was due to the coronavirus-led air-travel demand woes. Passenger revenues, which contributed 97.6% to the top line, plummeted 40.2% year over year. Additionally, revenues from other sources tanked 37.6%.
Load factor (% of seats filled by passengers) declined 0.7 percentage points to 72.1% as traffic contraction (27.7%) was more than the capacity reduction (26.9%). Total operating revenue per available seat miles decreased 18.2% to 5.78 cents in the reported quarter. Average yield fell 17.2% to 8.03 cents.
Spirit Airlines, Inc. Price, Consensus and EPS Surprise
Spirit Airlines, Inc. price-consensus-eps-surprise-chart | Spirit Airlines, Inc. Quote
Adjusted operating expenses decreased 11.5% to $733.5 million, mainly on reduced flight volume. Average fuel cost per gallon in the reported quarter slipped 2.2% year over year to $1.77. Fuel gallons consumed plunged 31.7%. Nonetheless, adjusted cost per available seat miles (CASM) excluding fuel climbed 31.2% in the reported quarter due to capacity cut.
Spirit, currently carrying a Zacks Rank #3 (Hold), ended the quarter with unrestricted cash, cash equivalents and short-term investments worth $1.9 billion. Capital expenditures for the March quarter were $92 million. The carrier expects second-quarter 2021 capacity to shrink 5.5% from the levels achieved in second-quarter 2019. Fuel cost per gallon and the effective tax rate in the June quarter are anticipated to be $1.95 and 22%, respectively. Adjusted EBITDA margin for the same period is projected between 0% and -5%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Sectorial Snapshots
Within the broader Transportation sector, Delta Air Lines (DAL - Free Report) , J.B. Hunt Transport Services (JBHT - Free Report) and Kansas City Southern recently reported first-quarter 2021 results.
Delta incurred a loss (excluding $1.70 from non-recurring items) of $3.55 per share, wider than the Zacks Consensus Estimate of a loss of $3.08. However, total revenues of $4,150 million topped the Zacks Consensus Estimate of $3,821.3 million.
J.B. Hunt delivered earnings of $1.37 per share, beating the Zacks Consensus Estimate of $1.18. Total operating revenues of $2,618.1 million also surpassed the Zacks Consensus Estimate of $2,486.9 million.
Kansas City Southern reported earnings (excluding 23 cents from non-recurring items) of $1.91 per share. The bottom line missed the Zacks Consensus Estimate of $2 per share. Moreover, quarterly revenues of $706 million lagged the Zacks Consensus Estimate of $714.3 million
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>