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Allegiant Travel Company Reports First Quarter 2024 Net Loss of $0.9 Million or $0.07 per Diluted Share

Updated: Jun 1

Allegiant Travel Company has reported a first quarter 2024 net loss of $0.9  million or ($0.07) per  diluted share on a year-over-year increase in revenue of 1.0 percent to $656.4 million. The company ended the period with $1.1 billion in liquidity.

Allegiant Airbus A320neo - Courtesy Airbus

On Tuesday (May 7, 2024), Allegiant Travel Company reported their first quarter financial results for the period ending March 31, 2024.  The company reported a first quarter net loss of $0.9 million or ($0.07) per diluted share on a year-over-year increase in revenue of 1.0 percent to $656.4 million.  Allegiant’s first quarter total revenue per available seat mile (TRASM) declined 4.8 percent compared to the same period last year to 13.23 cents, while cost per available seat mile (CASM) increased 8.1 percent to 12.75 cents.  Costs excluding fuel (CASM-ex) increased 18.5 percent versus Q1 2023 to 9.18 cents.  At March 31, 2024, Allegiant had total liquidity of $1.1 billion, including $853.7 million in cash and investments, and $250 million in undrawn revolving credit facilities.

In Tuesday’s announcement, Allegiant Travel Company’s Chairman and CEO, Maurice J. Gallagher, Jr., said,

“We finished the quarter with diluted earnings per share, excluding special charges, of 57 cents.  The peak demand environment remained strong throughout the quarter, with TRASM representing the second best first quarter TRASM in company history.  Demand trends are holding into the second quarter, and although we expect TRASM to be down from the highs of 2023, we anticipate second quarter TRASM will again be among the best second quarters in company history – particularly impressive given expected growth during the peak month of June of roughly six percent, year-over-year.

“The first quarter marked the first full quarter of operations at Sunseeker Resort.  Hats off to the team led by Micah Richins and Jason Shkorupa.  The final product is truly amazing and unique to that part of Florida.  It will take time to build to financial maturity.  We are still in the early stages, but our marketing efforts are now in full swing.  Encouragingly, food and beverage surpassed our initial expectations and accounted for nearly half of total Sunseeker revenue during the first quarter.  I am excited to see the potential of this property unfold in the coming years.

Allegiant Travel Company's First Quarter 2024 Financial Results - Courtesy Allegiant Travel Company

Also commenting on the company’s first quarter financial results, Allegiant’s President, Gregory Anderson, said,

“I am happy to report another quarter of near industry-leading operational results.  The team’s efforts yielded a controllable completion of 99.7 percent.  Over the past 18 months we have prioritized operational integrity, and I could not be prouder of Team Allegiant as we continue to achieve record high net promoter scores from our customers.

“While I am pleased with our operational and customer service performance, our first quarter adjusted airline-only operating margin of roughly six percent is disappointing.  These lower margins were largely driven by temporary headwinds such as Boeing’s inability to meet its delivery schedule, delayed pricing functionality due to the integration of Navitaire, our new reservations and revenue system, and lower aircraft utilization in our peak demand periods – we are fixing all three of these items.  Excluding these headwinds and on a more normalized basis, our adjusted airline operating margin for the first quarter would have been approximately 13 percent.

“On the labor front, I am pleased to announce our flight attendants overwhelmingly voted to ratify their tentative agreement.  This new contract will not only provide well-deserved pay increases, but also comes with several quality-of-life improvements.  Our pilot contract remains in federal mediation.  The Teamsters that represent our pilots appointed a new negotiating team, and I am encouraged by the improved collaboration and progress now being made at the table – getting a deal complete remains a top priority.

“2024 is a transitional year for the company.  We expect to have all of our labor agreements finalized.  We have a clear path to increasing utilization and improving productivity amongst our work groups.  We expect to integrate the MAX aircraft into our fleet in the coming months.  We are well on our way to unlocking the full power of our Navitaire reservation system and providing strong opportunities to further increase our ancillary revenues.  Achieving these items will return us to our industry leading margins as our airline is one of the best proven models in the business.”

Founded in 1999, Las Vegas-based Allegiant Travel Company 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.  The company also owns and operates the recently opened Sunseeker Resort Charlotte Harbor, located on the Gulf Coast in Southwest Florida. 

In trading Wednesday morning (May 8, 2024), shares in Allegiant Travel Company (NASDAQ: ALGT) were 0.48% higher at $54.15/share (10:21 AM EDT).

Source: Allegiant Travel Company


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