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Allegiant Air Reports Fourth Quarter Net Income of $52.5 million or $2.87 per Diluted Share

Allegiant Travel has reported a fourth quarter net income of $52.5 million or $2.87 per diluted share on a 23.1 percent year-over-year increase in revenue to $611.5 million. For the full year, the carrier reported a net income of $2.5 billion or $0.14 per diluted share.

Allegiant Airbus A320neo - Courtesy Airbus

On Wednesday (February 1st, 2023), Allegiant Travel Company reported their fourth quarter and full year financial results for the period ending December 31, 2022. The carrier reported a fourth quarter net income of $52.5 million or $2.87 per diluted share on a 23.1 percent year-over-year increase in revenue to $611.5 million. For the full year, Allegiant reported a net income of 2.5 billion or $0.14 per diluted share on a year-over-year increase in revenue of 35.4 percent to $2.14 billion. At December 31, 2022, Allegiant Travel had total liquidity of $1.4 billion, including $1.0 billion in cash and investments, as well as $395 million in undrawn revolving credit and PDP facilities.

In Wednesday’s announcement, Allegiant Travel Company’s CEO, John Redmond, said,

“We finished the quarter with an earnings per share, excluding employee recognition bonus and Sunseeker special charges of $3.17. Despite an uptick in weather cancellations late in the quarter, our total operating revenue was up 32.6 percent year over three-year, more than five points above the mid-point of our guidance. The demand environment continues to surpass expectations. Fourth quarter TRASM was 14.03 cents, the highest quarterly TRASM in company history, on scheduled service growth of 11.9 percent. This revenue strength coupled with better than expected cost performance and a more favorable fuel environment resulted in an adjusted operating margin of nearly 16 percent for the quarter.

“Due to a challenging operating environment at the onset of 2022, we committed to focusing on operational integrity and ensuring safe, reliable travel for our customers. We took action to more appropriately schedule the airline to meet the challenges of this environment. By doing this, we increased our controllable completion by over two points during the last six months of 2022 as compared with the first half of the year. This equated to more than $70 million in irregular operations savings during the back-half of the year, when factoring in lost revenue, passenger compensation, and other costs related to the cancellations. As we head into 2023, we are continuing to take a more conservative approach to growth. We anticipate growing capacity roughly four percent, with much of that happening in the fourth quarter. This slow and concerted growth profile should drive irregular operations costs out of the business and prioritize operational reliability, helping to deliver an estimated $7 in earnings per share during 2023.

“2023 will be transformational for the company. We will begin taking delivery of our Boeing MAX 737 fleet during the fourth quarter, with deliveries picking up in earnest, early 2024. The operating efficiency and reliability of this aircraft will help bolster profits for many years to come. Additionally, significant progress has been made towards the completion of Sunseeker Resort at Charlotte Harbor. After delays caused by Hurricane Ian, we have fully resumed construction activities at the property with most of the remediation related to the hurricane behind us. We continue to expect the property will open late 2023.

“To further support these strategic initiatives, we recently announced several senior leadership changes within the organization. These changes will bring vast experience to the respective roles. I am confident these leaders will contribute to the successful execution of these initiatives. Allegiant has prided itself over the years with having a standout management team, and these changes further support that notion.

“Lastly, I would like to thank our team members throughout the network for their efforts this past year. 2022 was fraught with challenges. Despite these challenges, our team members consistently put forth their best efforts to ensure our customers made it safely to their destinations. We truly have the best in the business. I’m excited for what is on the horizon in 2023.”

Founded in 1999, Las Vegas-based Allegiant is an integrated travel company with an airline at its heart, and a focus on linking passengers from small to medium cities to world-class leisure destinations with all non-stop flights and industry-low average fares. The company offers base airfares that are often half the price of a typical roundtrip ticket and currently operates an all-Airbus A320 Family fleet. Allegiant has also placed an order for up to 100 Boeing 737-7 and 737-8-200 MAX jets.

Source: Allegiant Travel Company/PRNewswire


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