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Allegiant Travel Reports First Quarter Net Profit of $56.1 Million or $3.09 per Diluted Share

Allegiant Travel Company has reported a first quarter 2023 net profit of $56.1 million or $3.09 per diluted share on a year-over-year increase in revenue of 29.9 percent to $649.7 million. At March 31, 2023 the carrier had total liquidity of $1.5 billion.

Allegiant Airbus A320neo - Courtesy Airbus

On Wednesday (May 3, 2023) Allegiant Travel Company reported their first quarter financial results for the period ending March 31, 2023. The carrier reported a first quarter net profit of $56.1 million or $3.09 per diluted share on a year-over-year increase in revenue of 29.9 percent to $649.7 million. At the close of Q1 2023, Allegiant has $1.5 billion in liquidity, including $1.1 billion in cash and investments and $412.4 million in undrawn revolving credit and PDP facilities. The company closed the quarter with total debt of $2.1 billion, net debt of $1.0 billion, and an air traffic liability of $479.5 million.

Allegiant's First Quarter 2023 Financial Results - Courtesy Allegiant Travel Company

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

“I am happy to report we delivered strong financial results during the first quarter with diluted earnings per share of $3.09. The team worked tirelessly to ensure operational integrity, and our controllable completion of 99.9 percent for the quarter is a testament to their efforts. Running a safe, reliable operation is a critical component to our success, and I could not be prouder of the team’s performance.

“Demand remained strong throughout the quarter resulting in total operating revenue of $650 million, a 30 percent increase year-over-year. Notably, we see continued momentum in total ancillary per passenger, finishing the quarter at $75.19 per passenger, the highest quarterly result in our history. The Allways rewards credit card helped elevate this number with record new cardholder acquisitions and increased cardholder spend during the quarter. Enhanced technology, an expanded roll-out of Allegiant Extra in the fleet, and the opening of Sunseeker Resort later this year should act as tailwinds for this number in the coming years.

“Turning to our 2023 outlook, we have updated guidance and estimate a full-year, airline-only earnings per share of roughly $11. The increase is driven by a reduction in our estimated fuel cost per gallon offset slightly by a two-and-a-half point reduction in full-year capacity. The industry continues to experience challenges from supply chain delays to ATC constraints that present the most stress during peak, high demand periods. We are positioning our forward plan to achieve a full-year, controllable completion of at least 99.5 percent. And we will continue to monitor and respond as we see appropriate to achieve our goal. Despite the tweaks to capacity, booking data continues to reflect a strong demand environment, particularly during peak summer travel periods. We are closely monitoring macro-economic trends, but we have not observed a change in booking behavior or peak leisure demand.

“Finally, we remain on track to open Sunseeker Resort in mid-October. Although we are still working through insurance claims related to Hurricane Ian, we have better line of sight regarding completion and final budget. Given inflationary pressures and supply chain issues, we expect the final capital expenditure budget to be $695 million, which is inclusive of Aileron Golf Club.

In early April, we unveiled the 20 original, world-class food and beverage offerings, which will be available on site. The team continues to attract high-quality group business with over $12 million in contracted future bookings. As we enter the final stages of construction, we could not be happier with how the property is progressing.”

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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