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Allegiant Travel Reports Fourth Quarter 2023 Net Loss of $2.0 Million or $0.13 per Diluted Share

Allegiant Travel Company reports fourth quarter net loss of $2.0 million or ($0.13) per diluted share on a year-over-year decline in revenue of 0.1 percent to $611.0 million.  For the full year 2023, the carrier reported a net profit of $117.6 million or $6.29 per share.

Allegiant Airbus A320neo - Courtesy Allegiant Travel Company/Airbus

On Monday (January 5, 2024), Allegiant Travel Company announced their financial results for the fourth quarter and full year ending December 31, 2023.  The carrier reported a fourth quarter net loss of $2.0 million or ($0.13) per diluted share on a year-over-year decline in revenue of 0.1 percent to $611 million.  For the full year 2023, Allegiant reported a net profit of $116 million or $6.29 per diluted share on a 9.0 percent increase in revenue compared to FY 2022 to $2.5 billion.

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

“I am pleased to report 2023 diluted earnings per share, excluding special charges, of $7.31.  At the onset of 2023 we committed to delivering a reliable operation, and Team Allegiant more than delivered.  Not only did we end the year with a controllable completion of 99.8 percent, we delivered an airline-only operating margin, excluding specials, of more than 11 percent.  Our unique, low-utilization business model, focusing on an out and back structure, continues to stand the test of time.  As mentioned last quarter, Allegiant is a PLFC, profitable leisure-focused carrier.  While the team and I are proud of what we accomplished this past year, we still have work to do to restore margins to historical levels.  We are focused on returning to our long-term financial targets as we head into 2024.

“We have spent the past few years outlining our ambitious plans to position ourselves as an integrated travel company.  We hit a major milestone in our company history by officially opening Sunseeker Resort to the public on December 15.  The sprawling waterfront resort, boasting 785 hotel rooms and 20 wholly owned food and beverage outlets has been more than four years in the making.  The resort provides a world class leisure destination to offer to our customers.  It will take some time for the property to ramp to financial maturity.  We are encouraged by early bookings and expect to be EBITDA positive during 2024.

“During 2023 we continued to distinguish ourselves by further promoting the power of our brand.  The Allegiant credit card has grown to just shy of 500 thousand members.  We received $120 million in total compensation related to the program.  This number is expected to continue to grow in 2024.  The Allways Rewards program enrolled 2.1 million new members in 2023. These members fly significantly more than non-members on itinerary values that far exceed non-members.  Integrating Sunseeker into these programs will provide additional value for our customers, further expanding our brand efforts.”

Also commenting on the company’s Q4 and FY2023 financial results, Allegiant’s President, Gregory Anderson, said,

“I am proud of the progress we made throughout 2023 to rightfully resume our place near the top of the industry both operationally as well as financially.  We completed 2023 with the second best controllable completion in the industry.  This operational excellence helped drive out nearly $100 million in irregular operations costs from the business, resulting in near industry leading margins.  I’m sure you noticed the recent airline rankings in the Wall Street Journal.  We moved up two spots to number three out of nine major US airlines.  This improvement speaks volumes about our efforts to provide a ‘best-in-class’ product for our customers.  These successes are a direct result of the efforts of our team members throughout the network.

“Although we are proud of our performance in 2023, 2024 will continue our focus on restoring peak-period utilization, thereby bolstering our financial performance through increased margins.  In the coming months we expect to induct our first Boeing MAX aircraft.  We have tempered capacity growth to roughly five percent to ensure a smooth integration. The addition of this aircraft will improve operational reliability, enhance the customer experience, and deliver improved economics.  

“In 2024, our focus will be on optimization.  With continued focus on a number of long-term initiatives, we expect to see planned improvements throughout the business.  I remain confident we will continue our operational excellence, a necessity for continued  financial success.  Our team members’ efforts and dedication are the reasons for our 2023 industry leading performance.  Team Allegiant remains the best in the industry.”

At December 31, 2023, Allegiant Travel Company had total available liquidity of $870.7 million in cash and cash equivalents, and $275 million in undrawn revolving credit and PDP facilities.  The carrier ended 2023 with total debt of $2.3 billion and net debt totaling $1.4 billion.  Allegiant’s Q4 CAPEX totals $143.1 million, including $119.6 million for aircraft purchases and inductions, pre-delivery deposits, and other related costs, as well as $23.5 million in other airline capital expenditures.

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.  The company also owns and operates the recently opened Sunseeker Resort Charlotte Harbor, located on the Gulf Coast in Southwest Florida.

 In trading Tuesday afternoon (February 6, 2023), shares in Allegiant Travel Company (NASDAQ: ALGT) were up 7.09 percent to $78.28/share (1:23 PM EST).

Source: Allegiant Travel Company/PRNewswire


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