Allegiant Travel Co Stock Price, News & Analysis

O’Charley’s Restaurant + Bar is celebrating its 50th Anniversary from April 10 to May 7 with various promotions aimed at enhancing customer engagement. This includes the much-anticipated return of Kids Eat Free throughout the celebration period. Guests can also participate in the 50th AnnO’versary Sweepstakes, offering grand prizes including a trip to Orlando and Nashville, along with gift cards. Additional festivities include special events like Employee Appreciation Day and a Bar Bash with discounted offers. The brand, established in 1971, continues to pride itself on providing a welcoming dining experience with American cuisine and genuine hospitality.

Allegiant Travel Company (NASDAQ: ALGT) announced its preliminary passenger traffic results for March 2023, showcasing an increase in passengers year-over-year. The total number of passengers reached 1,676,400, a 0.6% increase from March 2022. However, revenue passenger miles decreased by 0.3% to 1,589,454,000 and available seat miles fell by 2.2% to 1,802,132,000. The load factor improved to 88.2%, up by 1.7 points compared to the prior year. For the first quarter of 2023, total passengers increased by 11.1% to 4,122,196, with revenue passenger miles growing by 10.3%. Estimated average fuel cost increased to $3.42 per gallon for Q1 2023, compared to $3.09 in March 2023.

Crédit Agricole CIB has successfully closed a $100 million Senior Secured Revolving Credit Facility with Allegiant Travel Company (NASDAQ: ALGT), enhancing the airline's liquidity and support for its fleet investments. This financing marks an extension of their relationship established in 2015. The facility's structure includes a new requirement for Allegiant to secure a portion of its borrowing base with new technology assets as it takes delivery of Boeing 737 MAX aircraft and LEAP 1B engines over the next three years. This move aligns with Allegiant's ongoing ESG initiatives, emphasizing a commitment to reducing emissions in its operations.

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.