Allegiant Travel Co Stock Price, News & Analysis

Allegiant (NASDAQ: ALGT) has announced two new nonstop routes to Nashville starting in February 2023. The routes, from Provo, Utah and Akron, Ohio, will offer one-way fares as low as $37. Services begin on February 15, catering to increasing travel demand to Nashville, a top vacation destination. Tickets must be purchased by November 17, 2022, with travel valid until August 13, 2023. The airline's focus remains on connecting smaller cities with popular travel spots.

Allegiant Travel Company (NASDAQ: ALGT) reported a third quarter 2022 GAAP diluted loss per share of $(2.58), compared to earnings of $2.18 in Q3 2021. Total operating revenue increased by 22% year-over-year to $560.3 million, driven by strong demand despite Hurricane Ian's impact, with a total operating expense rise of 50.4%. Forward bookings are higher than pre-COVID levels, and the company expects a profitable fourth quarter, despite an anticipated revenue headwind from Hurricane Ian.

Total liquidity stands at $1.2 billion, with ongoing share repurchase authority of $54 million.

Allegiant (NASDAQ: ALGT) has partnered with the American Red Cross to launch a nationwide blood drive named "Together We Give," running from November 1 to November 30. This initiative aims to support communities in Florida affected by Hurricane Ian, with a goal of 1,500 donations. Allegiant, which serves 10 airports in Florida, previously donated $100,000 to relief efforts. The campaign includes virtual blood drives, volunteer opportunities, and an online donation platform. Allegiant's CEO expressed solidarity with those impacted by the hurricane, emphasizing the importance of community support.

Allegiant Travel Company (NASDAQ: ALGT) reported strong preliminary passenger traffic results for September 2022 and Q3 2022, showcasing a 30.5% increase in passengers compared to September 2019. Load factors reached 88.5%, exceeding pre-pandemic levels. Despite resilient demand, operating costs surged by 13.9%, primarily due to Hurricane Ian's impact, with a forecasted $35 million loss from the event. The company anticipates revenue headwinds from Florida markets in Q4 and is working on insurance claims to mitigate losses. Overall, third quarter results show solid growth but challenges in cost management.

Allegiant Travel Company (NASDAQ: ALGT) announced that its Allegiant World Mastercard® and Allegiant Allways Rewards® were voted the No. 1 Best Airline Credit Card and Best Frequent Flyer Program in USA Today's 10Best 2022 Loyalty/Rewards Readers' Choice Awards. This marks the fourth consecutive year for the credit card. The programs offer unique rewards for leisure travelers, allowing customers to earn points without restrictions. The recognition underscores Allegiant's commitment to customer satisfaction and enhancing travel experiences.

Air Lease Corporation (NYSE: AL) has successfully completed the delivery of a tenth Airbus A320-200 aircraft to Allegiant Air, marking the final delivery of ten used A320s formerly leased to Alaska Airlines. This delivery enhances Allegiant's fleet with modern, fuel-efficient aircraft. In addition, ALC has signed long-term lease agreements with Alaska Airlines for 14 new Boeing 737-9 aircraft, with 11 already delivered. Forward-looking statements suggest further deliveries are expected.

Allegiant (NASDAQ: ALGT) and Viva Aerobus have announced that Mexico's Federal Economic Competition Commission (COFECE) has authorized their Commercial Alliance Agreement. This landmark agreement between two ultra-low-cost carriers aims to enhance low-fare travel between Mexico and the U.S., benefiting travelers with expanded flight options. The alliance includes an equity investment by Allegiant, allowing it to enter the Mexican market as Viva Aerobus strengthens its presence in the U.S. The U.S. Department of Transportation's approval is still pending.

Allegiant Travel Company (NASDAQ: ALGT) will hold its third-quarter 2022 financial results conference call on November 2 at 4:30 p.m. EDT. Investors can access the live broadcast through the company’s Investor Relations website. Allegiant, based in Las Vegas, has been connecting small-to-medium cities to major vacation destinations since 1999, offering all-nonstop flights at industry-low average fares. The company's fleet serves communities nationwide, with base airfares significantly lower than the average domestic roundtrip ticket.