Welcome to our dedicated page for Allegiant Travel Company news (Ticker: ALGT), a resource for investors and traders seeking the latest updates and insights on Allegiant Travel Company stock.
Allegiant Travel Company (NASDAQ: ALGT) is an innovative travel enterprise that extends far beyond its identity as an airline. Founded in 1997 in Fresno, California, the company has since redefined affordable travel by connecting small U.S. cities to premier leisure destinations including Florida, Las Vegas, Phoenix, California, Hawaii, and Myrtle Beach, S.C. Allegiant offers a wide range of low-cost travel packages that encompass air travel, hotel accommodations, rental cars, and entertainment tickets. Despite a challenging early history that included a bankruptcy filing in December 2000, Allegiant was revitalized under the leadership of Maurice J. Gallagher Jr., who transitioned the company to a low-cost model and relocated its headquarters to Las Vegas in 2001.
Allegiant's unique business model has allowed it to achieve continuous profitability since 2003, navigating industry challenges such as fluctuating fuel costs and economic instability. The airline's strategy focuses on providing nonstop flights, eliminating the need for layovers and connections, which sets it apart from competitors. This approach has earned Allegiant numerous accolades, including recognition from The Wall Street Journal and J.D. Power for outstanding customer satisfaction.
In addition to air travel, Allegiant's operations extend to various segments, including the Sunseeker Resort in Florida and other non-airline ventures. The company also offers fixed-fee flying arrangements for charter services, along with sales of hotel rooms, ground transportation, and entertainment tickets. The airline's extensive network of over 550 routes offers affordable, nonstop flights that make air travel accessible to a broader audience.
Allegiant's commitment to customer experience is further evidenced by its industry-leading baggage handling and zero involuntary bumping of passengers in 2023. The company also recently introduced a new Spring inflight menu designed to enhance the onboard experience with a variety of new food and beverage options.
The company's dedication to excellence extends to its workforce as well. Allegiant recently reached a new five-year labor agreement with its flight attendants, which includes significant wage increases and numerous quality-of-life improvements. This agreement underscores Allegiant's commitment to its employees and their vital role in the company's success.
Allegiant also values its partnerships and collaborations. The company has entered a multi-year marketing agreement with Travel + Leisure Co., aimed at growing customer engagement through cross-company promotions. This partnership is set to enhance the travel experiences of both companies' customer bases.
For investors and those interested in the latest updates, Allegiant's financial performance remains robust. The company reported a preliminary passenger traffic decrease for April 2024 but continues to project strong performance for the year with various strategic initiatives in place to optimize operations and customer experience.
Allegiant Travel Company (NASDAQ: ALGT) announced its largest service expansion, introducing 44 new nonstop routes and adding three new cities to its network: Gulf Shores (Alabama), Colorado Springs (Colorado), and Columbia (South Carolina). Starting February 2025, the expansion will serve 51 cities with introductory one-way fares starting as low as $39. The expansion includes new routes connecting various destinations across the United States, focusing on providing affordable air service to underserved communities with or no air service. The company's strategy targets periods of strong leisure demand such as holidays, summer, weekends, and school breaks.
Allegiant Travel Company (ALGT) reported significant traffic decline in October 2024 due to hurricanes Helene and Milton. Nearly 1,000 flights were canceled between late September and early January, with about two-thirds occurring in October. The company saw a 17% decrease in passengers to 1,168,344, while revenue passenger miles dropped 15.7%. Load factor decreased by 5.2 points to 78.5%. The system-wide available seat miles declined 9.2%, with departures down 9.9%. The estimated average fuel cost was $2.52 per gallon. However, post-election booking trends indicate a faster-than-expected recovery in affected areas.
Allegiant Travel Company (NASDAQ: ALGT) reported a third quarter 2024 GAAP diluted loss per share of $(2.05). Total operating revenue was $562.2M, down 0.6% year-over-year, with operating loss at $(26.3M). The airline segment showed a 2.9% decrease in revenue to $549.1M. Despite challenges from hurricanes and operational disruptions, the company achieved positive aspects including a 3.1% increase in ancillary fare to $74.02 and 15.9% growth in fixed fee contract revenue to $20.6M. Total available liquidity stood at $1.1B, including $804.6M in cash and investments.
Allegiant Travel Company (NASDAQ: ALGT) has reported its preliminary passenger traffic results for September 2024 and the third quarter of 2024. Key points include:
- Scheduled service passengers decreased by 1.9% in September 2024 compared to September 2023
- Third quarter 2024 saw a 0.9% decrease in passengers compared to Q3 2023
- Load factor for September 2024 increased by 0.5 percentage points to 83.3%
- Q3 2024 load factor decreased by 1.9 percentage points to 85.6%
- Total system passengers decreased by 2.4% in September 2024 and 0.8% in Q3 2024 year-over-year
- Estimated average fuel cost per gallon for September 2024 was $2.49, and $2.69 for Q3 2024
Allegiant Travel Company (NASDAQ: ALGT) has announced its third quarter 2024 financial results conference call, scheduled for Wednesday, October 30 at 4:30 p.m. EDT. The call will be broadcast live through the company's Investor Relations website at http://ir.allegiantair.com, where it will also be archived in the 'Events & Presentations' section.
Allegiant Air, a Las Vegas-based integrated travel company, focuses on connecting customers from small-to-medium cities to vacation destinations with all-nonstop flights and industry-low average fares. The airline boasts base airfares less than half the cost of the average domestic roundtrip ticket. For more information, visit Allegiant.com.
Allegiant (NASDAQ: ALGT) has released its third-annual Sustainability Report, highlighting progress in key areas. The airline has set a decarbonization goal to reduce tank-to-wake greenhouse gas emissions by 10% per revenue-ton-kilometer by 2030 against a 2023 baseline, marking the first such goal in the U.S. ULCC sector. Allegiant is on track for IOSA certification by 2026, demonstrating its commitment to global safety standards.
The company achieved significant recognition in customer satisfaction, winning SkyTrax's "Best Low-Cost Airline" in North America. In 2023, Allegiant exceeded its controllable completion goal, finishing with a rate of 99.8%. President and CEO Gregory C. Anderson emphasized the company's dedication to responsible sustainability initiatives that strengthen the business while serving stakeholders.
Allegiant Travel Company (NASDAQ: ALGT) reported its August 2024 traffic results, noting a strong demand environment. The company expects third-quarter unit revenues to be down approximately 5.5% year-over-year, an improvement from the previously anticipated 7.5% decline. Non-fuel unit costs are projected to increase by about 4.5% in Q3, which is 2.5 points better than expected. Fuel costs are estimated at $2.70 per gallon for Q3, down from the prior $2.80 forecast.
August 2024 saw a 1.3% increase in passengers for scheduled service compared to August 2023. The total system experienced a 1.8% rise in passengers and a 3.0% increase in available seat miles. However, the load factor decreased by 1.5 percentage points to 84.5%. Allegiant has updated its Q3 guidance, projecting an airline-only operating margin between -0.5% and -1.5%, and consolidated earnings per share between -$1.75 and -$2.25, excluding special charges.
Allegiant (NASDAQ: ALGT) has announced the resignation of Scott DeAngelo, Executive Vice President and Chief Marketing Officer, effective September 30, 2024. DeAngelo, who joined the company in 2018, established a successful marketing strategy that led to multiple awards. CEO Gregory C. Anderson praised DeAngelo's leadership and contributions. During his tenure, DeAngelo oversaw marketing, ecommerce, leisure products, and loyalty programs. He led the development of Allegiant's frequent flyer program and secured naming rights for Allegiant Stadium. To ensure continuity, Drew Wells will assume the position of Chief Commercial Officer, taking over DeAngelo's responsibilities along with revenue and network planning departments.
Allegiant Travel Company (NASDAQ: ALGT) has reported its preliminary passenger traffic results for July 2024. The report shows a slight decline in passenger numbers and revenue passenger miles compared to July 2023, but an increase in available seat miles and departures. Key figures include:
- Scheduled service passengers: 1,897,963 (down 1.9%)
- Revenue passenger miles: 1,683,321,000 (down 1.7%)
- Available seat miles: 1,923,205,000 (up 2.4%)
- Load factor: 87.5% (down 3.7 points)
- Departures: 12,580 (up 2.7%)
The total system figures show similar trends. The estimated average fuel cost per gallon for July 2024 was $2.84. Allegiant continues to focus on connecting customers in small-to-medium cities with vacation destinations through all-nonstop flights and low average fares.
Allegiant (NASDAQ: ALGT) has been named the top Best Airline Credit Card and Best Frequent Flyer program in USA TODAY's 10Best 2024 Readers' Choice Awards. This marks the sixth consecutive year for the airline's credit card to receive the top spot. The recently rebranded Allways Rewards Visa® card continues to impress customers with its features and travel rewards.
Allegiant's frequent flyer program, Allways Rewards, offers unlimited opportunities to earn and redeem points without restrictions or blackout dates. Members earn points on every dollar spent, with enhanced rates for higher spending. The program also provides unique rewards through partnerships, including sports and live music event tickets.
This recognition highlights Allegiant's commitment to providing exceptional value and rewards to its customers, particularly in connecting small to medium-sized cities to top vacation destinations with all-nonstop flights and industry-low average fares.
FAQ
What is the current stock price of Allegiant Travel Company (ALGT)?
What is the market cap of Allegiant Travel Company (ALGT)?
What is Allegiant Travel Company's core business?
How has Allegiant Travel Company performed financially?
What recent recognitions has Allegiant received?
Does Allegiant offer any special benefits for military personnel?
What recent partnerships has Allegiant entered into?
What was the impact of Allegiant's new labor agreement with its flight attendants?
Where is Allegiant Travel Company's headquarters located?
What is Allegiant's approach to flight operations?
How does Allegiant support career advancement for military personnel?
