LAS
VEGAS, Oct. 26, 2022 /PRNewswire/ -- Allegiant
Travel Company (NASDAQ: ALGT) today reported preliminary
passenger traffic results for September
2022 as well as third quarter 2022.
"We ended the quarter with adjusted1 earnings,
excluding 2022 employee recognition bonus in-line with our updated
guidance," stated Gregory Anderson,
president and chief financial officer. "Demand remained strong
throughout the quarter with strength continuing into the upcoming
holiday season. Third quarter loads were more than 88 percent, 2.5
points higher than the third quarter of 2019, on 17 percent more
capacity. As expected, incremental operating costs associated with
Hurricane Ian in addition to reducing capacity by roughly 1.5
percent, contributed to a roughly 13.9 percent increase in CASM,
excluding fuel and employee recognition bonus, as compared with the
third quarter of 2019. Third quarter results are summarized in the
table below.
"Although we are still assessing the impacts of Hurricane Ian,
as of October 6, air service has been
restored to all airports that we serve in Florida. While airports have resumed normal
operations and demand shows good promise, we do expect a revenue
headwind related to our Florida
markets in the fourth quarter. Additionally, we are in the process
of working with our insurance partners to measure the financial
impact to Sunseeker Resorts. The physical damage to the structures
was predominantly caused by several cranes collapsing onto the
building. Based on limited information available to us today, we
are currently estimating this damage to be approximately
$35 million. However, because
investigations are ongoing, and we continue to ascertain new
information daily, this number is subject to change. The estimated
physical damage of $35 million will
be recorded as a one-time, special item on our third quarter income
statement. As insurance proceeds are approved in subsequent
quarters, these recoveries will offset the loss. I want to express
my gratitude to our team members and partners for their efforts to
safely restore our network."
|
Actual
|
Guidance
|
System ASMs – year
over three-year change2
|
14.5 %
|
~14.5%
|
Scheduled service
ASMs – year over three-year change2
|
17 %
|
~17%
|
Total operating
revenue - year over three-year change2
|
28.4 %
|
~27.5%
|
Operating CASM,
excluding fuel and 2022 employee recognition bonus - year over
three-year change1 3
|
13.9 %
|
13 to 14%
|
Fuel cost per
gallon
|
$3.85
|
$3.87
|
Scheduled Service –
Year Over Three-Year Comparison
|
|
September
2022
|
September
2019
|
Change
|
Passengers
|
1,005,535
|
770,768
|
30.5 %
|
Revenue passenger miles
(000)
|
884,285
|
639,534
|
38.3 %
|
Available seat miles
(000)
|
1,014,779
|
775,906
|
30.8 %
|
Load factor
|
87.1 %
|
82.4 %
|
4.7
pts
|
Departures
|
6,768
|
5,638
|
20.0 %
|
Average stage length
(miles)
|
851
|
808
|
5.3 %
|
|
|
|
|
|
3rd Quarter
2022
|
3rd Quarter
2019
|
Change
|
Passengers
|
4,316,163
|
3,753,611
|
15.0 %
|
Revenue passenger miles
(000)
|
3,820,339
|
3,170,826
|
20.5 %
|
Available seat miles
(000)
|
4,315,984
|
3,687,473
|
17.0 %
|
Load factor
|
88.5 %
|
86.0 %
|
2.5
pts
|
Departures
|
28,436
|
26,238
|
8.4 %
|
Average stage length
(miles)
|
860
|
824
|
4.4 %
|
Total System* - Year
Over Three-Year Comparison
|
|
September
2022
|
September
2019
|
Change
|
Passengers
|
1,031,908
|
799,592
|
29.1 %
|
Available seat miles
(000)
|
1,079,809
|
855,962
|
26.2 %
|
Departures
|
7,287
|
6,248
|
16.6 %
|
Average stage length
(miles)
|
840
|
802
|
4.7 %
|
|
3rd
Quarter 2022
|
3rd Quarter
2019
|
Change
|
Passengers
|
4,359,417
|
3,806,369
|
14.5 %
|
Available seat miles
(000)
|
4,450,595
|
3,888,400
|
14.5 %
|
Departures
|
29,432
|
27,707
|
6.2 %
|
Average stage length
(miles)
|
857
|
823
|
4.1 %
|
|
|
|
|
Scheduled Service –
Year Over Year Comparison
|
|
|
September
2022
|
September
2021
|
Change
|
Passengers
|
1,005,535
|
803,349
|
25.2 %
|
Revenue passenger miles
(000)
|
884,285
|
689,600
|
28.2 %
|
Available seat miles
(000)
|
1,014,779
|
977,759
|
3.8 %
|
Load factor
|
87.1 %
|
70.5 %
|
16.6
pts
|
Departures
|
6,768
|
6,714
|
0.8 %
|
Average stage length
(miles)
|
851
|
834
|
2.0 %
|
|
|
|
|
|
3rd Quarter
2022
|
3rd Quarter
2021
|
Change
|
Passengers
|
4,316,163
|
3,834,956
|
12.5 %
|
Revenue passenger miles
(000)
|
3,820,339
|
3,302,519
|
15.7 %
|
Available seat miles
(000)
|
4,315,984
|
4,312,893
|
0.1 %
|
Load factor
|
88.5 %
|
76.6 %
|
11.9
pts
|
Departures
|
28,436
|
29,593
|
(3.9 %)
|
Average stage length
(miles)
|
860
|
834
|
3.1 %
|
|
|
|
|
Total System* - Year
Over Year Comparison
|
|
September
2022
|
September
2021
|
Change
|
Passengers
|
1,031,908
|
829,029
|
24.5 %
|
Available seat miles
(000)
|
1,079,809
|
1,050,489
|
2.8 %
|
Departures
|
7,287
|
7,304
|
(0.2 %)
|
Average stage length
(miles)
|
840
|
823
|
2.1 %
|
|
3rd Quarter
2022
|
3rd Quarter
2021
|
Change
|
Passengers
|
4,359,417
|
3,872,651
|
12.6 %
|
Available seat miles
(000)
|
4,450,595
|
4,441,201
|
0.2 %
|
Departures
|
29,432
|
30,663
|
(4.0 %)
|
Average stage length
(miles)
|
857
|
829
|
3.4 %
|
*Total system
includes scheduled service and fixed fee contract. System revenue
passenger miles and
system load factor are not useful statistics as system available
seat miles include both ASMs flown by
fixed fee flying as well as non-revenue producing repositioning
flights used for operational needs.
Fixed fee flying is better measured through dollar contribution
versus operational statistics.
|
Preliminary
Financial Results
|
|
$ per gallon
|
September 2022
estimated average fuel cost per gallon – system
|
$3.75
|
|
|
|
$ per gallon
|
3rd quarter
2022 estimated average fuel cost per gallon – system
|
$3.85
|
|
|
Allegiant Travel Company
Las Vegas-based Allegiant
(NASDAQ: ALGT) is an integrated travel company with an airline at
its heart, focused on connecting customers with the people, places
and experiences that matter most. Since 1999, Allegiant Air has
linked travelers in small-to-medium cities to world-class vacation
destinations with all-nonstop flights and industry-low average
fares. Today, Allegiant's fleet serves communities across the
nation, with base airfares less than half the cost of the average
domestic roundtrip ticket. For more information, visit us
at Allegiant.com. Media information, including photos, is
available at http://gofly.us/iiFa303wrtF
ALGT/G
Note: This news release was accurate at the date of issuance.
However, information contained in the release may have changed. If
you plan to use the information contained herein for any purpose,
verification of its continued accuracy is your
responsibility.
For further information please visit the company's investor
website: http://ir.allegiantair.com
Reference to the Company's website above does not constitute
incorporation of any of the information thereon into this news
release.
Allegiant Media
Contact:
|
|
Investor
Inquiries:
|
Sonya
Padgett
|
|
Sherry
Wilson
|
email:
mediarelations@allegiantair.com
|
|
email:
ir@allegiantair.com
|
1 Adjusted to exclude a one-time loss of $35 million related to the impact of Hurricane
Ian on Sunseeker Resorts
2 Year over three-year percentage changes compare 2022
to 2019
3 Operating CASM, excluding fuel, excludes the impact of
excess profit sharing
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SOURCE Allegiant Travel Company