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Spirit Airlines (SAVE) Appoints Interim Chief Financial Officer

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Spirit Airlines (SAVE - Free Report) has chosen its vice president and controller, Brian McMenamy, as the interim chief financial officer (CFO) of the company, effective Jun 14, 2024. McMenamy is succeeding Scott Haralson, executive vice president and CFO, who has been serving the company for almost 11 years.

Haralson will continue in his role through Jun 14, 2024. Scott Haralson is joining as a CFO of a larger, publicly traded company outside of the airline industry.

Ted Christie, Spirit Airlines president and chief executive officer, stated, "Scott's accomplishments are too many to list, but he made a positive and lasting impression on the business. We wish Scott all the best and thank him for his service and dedication to Spirit." 

Brian McMenamy joined Spirit Airlines in 2017. Prior to this, McMenamy worked at American Airlines in his 33-year tenure in multiple roles in finance, which included vice president of finance, vice president of financial planning and analysis and vice president and controller.

Considering Brian McMenamy’s almost 40 years of extensive financial expertise in the airline industry, the latest decision is likely to boost SAVE’s prospects and strengthen its competitive position in the industry.

SAVE continues to anticipate cost-saving initiatives to boost 2024 by more than $75 million, with annualized run-rate savings estimated at over $100 million. 

Zacks Rank and Stocks to Consider

SAVE currently carries a Zacks Rank #3 (Hold).

A couple of better-ranked stocks for investors’ consideration in the Zacks Transportation sector include GATX Corporation (GATX - Free Report) and Trinity Industries, Inc. (TRN - Free Report) . Each stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

GATX has an encouraging earnings surprise history. The company has surpassed the Zacks Consensus Estimate in three of the last four quarters (missing the mark in the other). The average beat is 7.49%.

The Zacks Consensus Estimate for 2024 earnings has been revised 3% upward over the past 90 days. GATX has an expected earnings growth rate of 6.79% for 2024. Shares of the company have risen 18.4% in the past year.

Trinity raised 2024 earnings per share guidance to the range of $1.35 to $1.55 (which excludes items outside of the company’s core business operations) from $1.30 to $1.50 guided previously.

Over the past 30 days, the Zacks Consensus Estimate for TRN’s 2024 earnings has been revised 2.7% upward. For 2024, TRN’s earnings are expected to grow 8.70% year over year.

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