LAS VEGAS, March 29, 2024 /PRNewswire/ — Allegiant Travel Company (NASDAQ: ALGT) today reported preliminary passenger traffic results for February 2024.
“First quarter demand continued the trend of outperformance during peak weeks offset by a normalized off-peak demand profile,” stated Drew Wells, Allegiant chief revenue officer. “Unitized revenue during the last two weeks of March exceeded prior year, highlighting continued demand strength. First quarter TRASM will come in slightly lower than initial expectations, up roughly .5 percent sequentially from the fourth quarter of 2023. This is predominantly due to a slightly weaker than expected lead up to the Spring Break period. While we communicated the shift of Spring Breaks to the back half of the month, results were softer than we anticipated in those few lead up weeks. Second quarter capacity considers this normalization with April capacity down 10 percent year over year, accounting for the Easter shift forward. Additionally, June aircraft utilization is currently on par with 2018 levels to optimize capacity during our seasonally strong summer peaks. Early bookings into June, coupled with peak demand trends observed during the first quarter, suggest continued demand strength into peak summer travel periods.”
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Scheduled Service – Year Over Year Comparison |
|||
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February 2024 |
February 2023 |
Change |
|
|
Passengers |
1,243,576 |
1,242,555 |
0.1 % |
|
Revenue passenger miles (000) |
1,194,104 |
1,189,402 |
0.4 % |
|
Available seat miles (000) |
1,421,672 |
1,393,065 |
2.1 % |
|
Load factor |
84.0 % |
85.4 % |
(1.4) pts |
|
Departures |
8,556 |
8,537 |
0.2 % |
|
Average stage length (miles) |
933 |
921 |
1.3 % |
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Total System* – Year Over Year Comparison
|
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|
February 2024 |
February 2023 |
Change |
|
|
Passengers |
1,253,860 |
1,250,293 |
0.3 % |
|
Available seat miles (000) |
1,456,189 |
1,424,778 |
2.2 % |
|
Departures |
8,846 |
8,775 |
0.8 % |
|
Average stage length (miles) |
924 |
916 |
0.9 % |
*Total system includes scheduled service and fixed fee contract. System revenue passenger miles and system load factor are not useful statistics as system available seat miles include both ASMs flown by fixed fee flying as well as non-revenue producing repositioning flights used for operational needs. Fixed fee flying is better measured through dollar contribution versus operational statistics.
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Preliminary Financial Results
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|
$ per gallon |
|
|
February 2024 estimated average fuel cost per gallon – system |
$3.16 |
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Updated Quarterly Guidance
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|
|
$ per gallon |
|
|
Estimated first quarter 2024 average fuel cost per gallon – system |
$3.02 |
Allegiant Travel Company
Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic roundtrip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF
ALGT/G
Note: This news release was accurate at the date of issuance. However, information contained in the release may have changed. If you plan to use the information contained herein for any purpose, verification of its continued accuracy is your responsibility.
For further information please visit the company’s investor website: http://ir.allegiantair.com
Reference to the Company’s website above does not constitute incorporation of any of the information thereon into this news release.
Category: News
SOURCE Allegiant Travel Company