Allegiant Travel Co Stock Price, News & Analysis

Allegiant Travel Company (NASDAQ: ALGT) reported strong preliminary passenger traffic results for February 2023, with a total of 1,242,555 passengers, reflecting a 13.0% increase year-over-year compared to 1,099,911 passengers in February 2022. Revenue passenger miles increased by 12.2% to 1,189,402,000, while available seat miles rose 2.3% to 1,393,065,000. The overall load factor improved significantly to 85.4%, up by 7.6 percentage points. The average fuel cost per gallon for February was estimated at $3.53.

Allegiant (NASDAQ: ALGT) has introduced a unique livery on an Airbus A320, honoring its employees, unveiled on March 16, 2023, at Punta Gorda Airport. This livery, one of only six in the fleet, embodies words chosen by employees, reflecting their pride and resilience post-Hurricane Ian. CEO John Redmond emphasized the livery as a testament to the collective spirit of Allegiant. The aircraft is based in Punta Gorda, a significant hub for the airline that served over 1.8 million passengers last year. Additionally, Allegiant is developing its first resort hotel nearby, scheduled to open later this year.

Allegiant Travel Company (NASDAQ: ALGT) reported strong preliminary passenger traffic results for January 2023, with 1,203,241 passengers, a notable increase of 27.6% compared to 942,857 in January 2022. Revenue passenger miles rose by 27.0% to 1,146,506,000, while available seat miles increased by 5.5% to 1,378,569,000. The load factor improved to 83.2%, up 14.1 percentage points year-over-year. Overall, the total system reported 1,207,121 passengers, reflecting a 27.2% growth from January 2022, with system-wide available seat miles at 1,401,970,000.

Allegiant Travel Company (NASDAQ: ALGT) has partnered with Spartan Education Group to launch the Altitude Pilot Pathway, a program designed for aspiring pilots. This initiative aims to provide integrated FAA Part 141 pilot training at Spartan's Broomfield, CO flight school. The program will equip cadets with essential skills and exposure to Allegiant's culture. Notably, the partnership includes a Loan Forgiveness Program, forgiving up to $50,000 of training debt after three years of employment with Allegiant. Classes are now enrolling, promoting growth in pilot recruitment.

Allegiant (NASDAQ: ALGT) announced the launch of eight new nonstop routes to popular vacation destinations with one-way fares starting at $39. The routes will connect cities like Portland, Las Vegas, Myrtle Beach, Austin, and more, beginning in June 2023. The service aims to meet the high demand from leisure travelers this summer and fall. The new routes will operate twice weekly, making it easier for travelers to access affordable flights. Introductory fares are available for a limited time, with purchases required by February 21, 2023, for travel through November 13, 2023.

Allegiant Travel Company (NASDAQ: ALGT) reported its fourth quarter 2022 results, revealing a GAAP diluted EPS of $2.87 and an adjusted EPS of $3.17, excluding special charges. For the full year, GAAP EPS fell significantly to $0.14, while adjusted EPS was $3.13. Total operating revenue soared 34.8% year-over-year to $2.3 billion, driven by a 15.2% increase in capacity. However, total operating expenses surged 53%, impacting profitability. The company anticipates a conservative growth of 4% in capacity for 2023, targeting EPS between $5.00 and $9.00. Allegiant continues to progress on its Sunseeker Resort project and expects to receive insurance recoveries for hurricane-related damages.

On January 30, 2023, Allegiant Travel Company (NASDAQ: ALGT) announced significant enhancements to its executive leadership team. These changes aim to strengthen strategic planning, revenue generation, and team-member engagement. Robert Neal was appointed as the chief financial officer, transitioning from his role in corporate finance. Tracy Tulle is now the chief experience officer, focusing on improving customer and team member experiences. Drew Wells was promoted to chief revenue officer, enhancing revenue and network planning. The restructuring reflects Allegiant's commitment to leadership depth and aims to serve shareholders and customers effectively.

Allegiant Travel Company (NASDAQ: ALGT) announced the resignation of President and COO Scott Sheldon, effective April 1, 2023. Following his departure, Greg Anderson will remain as President and oversee operational teams, while Keny Wilper will serve as interim COO. CEO John Redmond praised Sheldon for his significant contributions to the company. Sheldon expressed confidence in the current management team and noted the company's readiness for growth. Wilper has been with Allegiant since 2002 and has played a key role in operations and the development of the airline's ancillary inflight program.

Sunseeker Resort Charlotte Harbor, opening in October 2023, aims to be a premier wedding destination in Southwest Florida. The resort will provide versatile event spaces, including waterfront ballrooms with stunning views of Charlotte Harbor. Wedding packages offer assistance from dedicated representatives, complimentary menu tastings, and custom cake designs by award-winning pastry chefs. With two ballrooms, a luxurious bridal suite, and a variety of dining options, couples can enjoy tailored wedding experiences. Located near Punta Gorda Airport, Sunseeker promises to deliver exceptional service for memorable celebrations.