Allegiant Air Posts Q2 2023 Profits
Las Vegas-based Allegiant Air (G4) has posted its highest quarterly profit in its history. Here are all the details.
Las Vegas-based Allegiant Air (G4) has posted its highest quarterly profit in its history. Here are all the details.
DALLAS — Ultra-low-cost carrier (ULCC) Allegiant Air (G4) has recorded a profit of US$88.5m for the second quarter (Q2) of 2023. The airline said this was thanks to the "robust leisure demand environment."
Operating profits stood at US$133m while revenues for the quarter grew to US$683.8m, up 8.6% from the US$630m recorded in Q2 2022 and the highest quarterly total in G4's history. Costs, including fuel and operating expenses, were down to $550m, compared to US$604m last year.
"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," said John Redmond, CEO of Allegiant Travel Company.
In July, the Las Vegas-based carrier announced the addition of six new routes to its network. These included Fort Lauderdale-Hollywood International Airport (FLL) to Nashville International Airport (BNA), and Eastern Iowa Airport (CID). Punta Gorda Airport (PGD) to Bangor International Airport (BGR). Melbourne Orlando International Airport (MLB) to Lehigh Valley International Airport (ABE). Phoenix-Mesa Gateway Airport (AZA) to Portland International Airport (PDX); and Orlando Sanford International Airport (SFB) to Minot International Airport (MOT).
The airline also reported that deliveries of its first pair of Boeing 737 MAXs from an order of 50, with options on an additional 50, in January 2022, have been delayed. It will now take the first by the end of 2023, with the second arriving in 2024. However, G4 added that its 2023 capacity plans will be unaffected by the delay.
Looking ahead to its full-year results, Allegiant said its guidance would remain unchanged. "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," Redmond added.
Featured Image: (N309NV), Allegiant Air Airbus A319 @KPVU. Photo: Michael Rodeback/Airways
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