Welcome to our dedicated page for Allegiant Travel Co news (Ticker: ALGT), a resource for investors and traders seeking the latest updates and insights on Allegiant Travel Co stock.
Allegiant Travel Company (NASDAQ: ALGT) generates a steady flow of news as a leisure-focused airline and integrated travel company based in Las Vegas, Nevada. This news page aggregates press releases and media coverage related to Allegiant’s scheduled passenger air transportation business, financial performance, network expansion, and strategic initiatives, giving readers a central place to review the latest developments affecting ALGT stock and the company’s operations.
Allegiant’s news often highlights its role in connecting small and mid-sized cities to world-class vacation destinations with all-nonstop flights and low average fares. Regular traffic updates provide monthly and quarterly statistics on passengers, revenue passenger miles, available seat miles, load factor, and departures for both scheduled service and total system flying, including fixed-fee contract operations. Earnings releases detail consolidated and airline-only results, non-GAAP measures such as adjusted operating margin and adjusted earnings per share, capital expenditures, liquidity, and debt management actions.
Readers can also expect news about Allegiant’s network and product offerings. The company frequently announces new nonstop routes and entry into new markets, such as its 2025 announcement of 30 new routes connecting 35 cities, including La Crosse, Philadelphia, Trenton, and Columbia. Other stories cover customer-experience initiatives like the launch of Altus Sol, a custom-crafted wine designed for consumption at cruising altitude, and promotional campaigns including Cyber Monday and Travel Tuesday sales and Allways Rewards bonus point offers.
Corporate and strategic updates are another key news category. Allegiant issues releases and files Form 8-Ks on leadership changes, such as the designation of a new President and promotions within its finance and integration teams. It also reports on financing arrangements, including amendments to revolving credit facilities and aircraft loan borrowings, as well as corporate transactions like the sale of Sunseeker Resort Charlotte Harbor and the definitive merger agreement to acquire Sun Country Airlines. Investors and followers of ALGT can use this page to review these updates in one place and revisit prior announcements for context.
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.
Allegiant Travel Company (NASDAQ: ALGT) reported strong passenger traffic results for December 2022, with a 10.9% increase in passengers compared to December 2019, totaling 1,450,978. Fourth quarter results also showed a 10.7% rise, with 3,893,870 passengers. Full year 2022 reflected an impressive 12.2% growth year-over-year, reaching 16,630,138 passengers. Revenue passenger miles increased by 16.8% year-over-year, with load factors at 85.0%. Estimated average fuel costs per gallon for December 2022 were $3.23, while the fourth quarter averaged $3.59. These trends indicate robust recovery and operational efficiency for Allegiant.
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