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Allegiant Travel Reports Second Quarter 2023 Net Profit of $88.5 Million or $4.80 per Diluted Share

Allegiant Travel Company has reported a second quarter 2023 net profit of $88.5 million or $4.80 per diluted share on an 8.6 percent year-over-year increase in revenue to $683.8 million. At June 30, 2023, the company had $1.4 billion in total liquidity.

Allegiant Travel Company Reports Second Quarter 2023 Financial Results - Photo Credit: Airbus

On Wednesday (August 2, 2023), Allegiant Travel Company reported their second quarter 2023 financial results for the period ending June 30, 2023. The carrier reported a second quarter net profit of $88.5 million or $4.80 per diluted share on a year-over-year increase in revenue of 8.6 percent to $683.8 million. Allegiant’s Q2 total revenue per available seat mile (TRASM) increased 7.5 percent versus the same period last year to 13.64 cents, while cost per available seat mile (CASM) declined 8.7 percent to 11.01 cents. Costs excluding fuel (CASM-ex) increased year-over-year by 12.9 percent to 7.79 cents. At June 30, 2023, Allegiant Travel had liquidity totaling $1.4 billion, including $1.0 billion in cash and investments and $356.2 million in undrawn revolving credit facilities and PDP facilities.

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

“Second quarter diluted earnings per share, excluding special items was $4.35, a more than six-fold improvement over the second quarter of 2022. These outstanding results are attributable to the hard work of our team members during this peak summer travel period. The team delivered industry-leading operational performance with a controllable completion of 99.7 percent for the quarter.

“We recognized a record $684 million in total operating revenue for the second quarter, evidence of a robust leisure demand environment. Capacity increased slightly, up 1.3 percent year-over-year, with TRASM increasing 7.5 percent over the second quarter of 2022. During the second quarter, total ancillary per passenger was $71.75, an 8.6 percent increase over the prior year. This strength is driven by early success with the Allegiant Extra product and sustained growth with our Allegiant Allways cobrand credit card. Our direct-to-consumer approach helps underpin our ability to enhance revenues.

“As we head into the second half of the year, our focus remains on three primary objectives. First, we will make progress on outstanding labor contracts that our team members are proud to support. Second, we will continue delivering a solid operation. Finally, we are only a few short months from the long awaited opening of our world-class, Sunseeker Resort, in Port Charlotte, Florida. Construction is entering the final stages, and the operations teams are beginning to hire personnel in earnest. We remain on track to open the property mid-October.

“I could not be happier with the success the team delivered this quarter. Achieving industry-leading operational performance in the backdrop of a challenging operational environment is admirable. This operational success has been the catalyst for the strong financial performance delivered year-to-date.”

Allegiant Travel Company's Second Quarter 2023 Financial Results - Courtesy Allegiant Travel/PRNewswire

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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