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Allegiant Travel Reports Third Quarter Net Loss of $46.5 Million or $0.97 per Diluted Share

Allegiant Travel Company has reported a third quarter net loss of $46.5 million or ($0.97) per diluted share on a 28.4 percent year-over-three increase in revenue to $560.3 million. At September 30, 2022 the carrier had total available liquidity of $1.2 billion.

Allegiant Airbus A320neo - Courtesy Airbus

On Wednesday (November 2, 2022), Allegiant Travel Company reported their third quarter financial results for the period ending September 30, 2022. The carrier reported a third quarter net loss of $46.5 million or ($0.97) per diluted share on a 28.4 percent increase in revenue versus Q3 2019 to $560.3 million. The company’s third quarter results include a $35 million special charge related to estimated damage to their Sunseeker Resort caused by Hurricane Ian, which will be offset in subsequent quarters by insurance payments. Allegiant’s total revenue per available seat mile (TRASM) increased 13.5 percent versus Q3 2019 to 12.60 cents, while costs per available seat mile (CASM) increased year-over-three by 32.6 percent to 12.00 cents. Costs, excluding fuel, recognition bonus and Hurricane Ian special charge (CASM-ex) increased 13.6 percent compared to the same period in 2019 to 7.27 cents.

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

“I am proud of the team for the strong operational performance delivered in the third quarter. We completed the quarter with a controllable completion of 99.4 percent, a significant improvement from the first half of the year. This was achieved on 17.0 percent more scheduled capacity than 2019. In addition, we saw another sequential improvement in load factors, with loads at nearly 89 percent for the quarter. The demand environment remained strong throughout the quarter, resulting in a total operating revenue increase of more than 28 percent as compared with 2019.

“Demand continues to outpace 2019. Forward bookings into the upcoming holiday season are tracking at higher loads and significantly higher yields than at this point in 2019. A new trend we are beginning to observe post-COVID is the increase in passengers combining business and leisure trips. A recent survey showed that nearly 15 percent of respondents were traveling for both business and leisure. Much of this travel happened in the traditional off-peak period of September, resulting in September TRASM 20 percent higher than September of 2019 on 30 percent more capacity and a load factor improvement of 4.7 percentage points. As we move through the remainder of the year, this is a trend we will watch closely.

“Looking ahead to the fourth quarter, we tapered capacity a bit as a result of the impacts from Hurricane Ian. We expect scheduled capacity to increase roughly 15 percent year over three-year. Given the strong demand environment coupled with improvements in operations, we expect to expand margins, delivering a profitable fourth quarter. From a balance sheet perspective, we have total liquidity of roughly $1.2 billion. During the quarter, the team executed on the issuance of $550 million in senior secured notes, utilizing the proceeds to repay the Term Loan B. Additionally, we repaid the emergency relief loan received under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Furthermore, our board of directors voted to remove the suspension on existing share repurchase authority with $54 million in authority remaining.

“In closing, I would like to thank our team members for all their hard work this quarter, particularly in regard to Hurricane Ian . The team swiftly came together to reposition aircraft, secure the operation, re-accommodate customers, and secure the property at Sunseeker Resort. As a result, we safely navigated the event and returned operations to normal as quickly as possible. Although we do expect a headwind to revenue resulting from Hurricane Ian during the fourth quarter, the impact was minimized due to the efforts of our team.”

Allegiant Travel Company's Third Quarter 2022 Financial Results - Courtesy Allegiant/PRNewswire

At the end of the third quarter 2022, Allegiant had a fleet of 112 aircraft including 35 Airbus A319s and 77 Airbus A320ceo/neo Family aircraft.

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 recently 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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