Allegiant Travel Co Stock Price, News & Analysis

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.

Allegiant Travel Company (NASDAQ: ALGT) has announced a conference call to discuss its full year and fourth quarter 2022 financial results scheduled for February 1, 2023, at 4:30 p.m. EST. The call will be accessible via a live broadcast on the company's Investor Relations website, with an archive available later. Allegiant, based in Las Vegas, has been providing nonstop flights to vacation destinations from small-to-medium cities since 1999, maintaining low average fares that are generally less than half the cost of typical domestic roundtrip tickets.