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Spirit (SAVE) Reports Q2 Earnings: What Key Metrics Have to Say
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Spirit (SAVE - Free Report) reported $1.43 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 4.8%. EPS of $0.29 for the same period compares to -$0.30 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.47 billion, representing a surprise of -2.70%. The company delivered an EPS surprise of -23.68%, with the consensus EPS estimate being $0.38.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Spirit performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Load factor: 82.9% compared to the 82.68% average estimate based on four analysts.
Revenue passenger miles: 11532.45 million versus the three-analyst average estimate of 11465.52 million.
Available seat miles: 13908.11 million compared to the 13943.04 million average estimate based on three analysts.
Fuel gallons consumed: 149.51 million versus the two-analyst average estimate of 151.04 million.
Average fuel cost per gallon: $2.62 versus the two-analyst average estimate of $2.60.
Adjusted CASM ex-fuel: 7.15 cents versus 7.14 cents estimated by two analysts on average.
Total operating revenue per ASM: 10.3 cents versus 10.54 cents estimated by two analysts on average.
Average yield: 12.42 cents compared to the 13.04 cents average estimate based on two analysts.
Operating revenues- Fare: $647.34 million versus the three-analyst average estimate of $679.97 million. The reported number represents a year-over-year change of -8%.
Operating revenues- Other: $22.41 million compared to the $22.96 million average estimate based on three analysts. The reported number represents a change of +19.4% year over year.
Operating revenues- Passenger: $1.41 billion compared to the $1.45 billion average estimate based on three analysts. The reported number represents a change of +4.6% year over year.
Operating revenues- Non-fare: $762.72 million compared to the $751.55 million average estimate based on two analysts. The reported number represents a change of +18.4% year over year.
Shares of Spirit have returned -3.3% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Spirit (SAVE) Reports Q2 Earnings: What Key Metrics Have to Say
Spirit (SAVE - Free Report) reported $1.43 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 4.8%. EPS of $0.29 for the same period compares to -$0.30 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.47 billion, representing a surprise of -2.70%. The company delivered an EPS surprise of -23.68%, with the consensus EPS estimate being $0.38.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Spirit performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Load factor: 82.9% compared to the 82.68% average estimate based on four analysts.
- Revenue passenger miles: 11532.45 million versus the three-analyst average estimate of 11465.52 million.
- Available seat miles: 13908.11 million compared to the 13943.04 million average estimate based on three analysts.
- Fuel gallons consumed: 149.51 million versus the two-analyst average estimate of 151.04 million.
- Average fuel cost per gallon: $2.62 versus the two-analyst average estimate of $2.60.
- Adjusted CASM ex-fuel: 7.15 cents versus 7.14 cents estimated by two analysts on average.
- Total operating revenue per ASM: 10.3 cents versus 10.54 cents estimated by two analysts on average.
- Average yield: 12.42 cents compared to the 13.04 cents average estimate based on two analysts.
- Operating revenues- Fare: $647.34 million versus the three-analyst average estimate of $679.97 million. The reported number represents a year-over-year change of -8%.
- Operating revenues- Other: $22.41 million compared to the $22.96 million average estimate based on three analysts. The reported number represents a change of +19.4% year over year.
- Operating revenues- Passenger: $1.41 billion compared to the $1.45 billion average estimate based on three analysts. The reported number represents a change of +4.6% year over year.
- Operating revenues- Non-fare: $762.72 million compared to the $751.55 million average estimate based on two analysts. The reported number represents a change of +18.4% year over year.
View all Key Company Metrics for Spirit here>>>Shares of Spirit have returned -3.3% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.