Allegiant Sees Strong Q1 2023 Financial Results

DALLAS - This week, ultra-low-cost carrier Allegiant Air (G4) released its Q1 2023 financial results. Highlights include GAAP diluted earnings per share of $3.09; diluted earnings per share, excluding Sunseeker special charges of $3.04; and airline-only diluted earnings per share of $3.30.

Total operating revenue was US$649.7m, up from US$500.1m a year ago. Operating income was US$94.8m, up from US$7.2m in 2022.

The average load factor was 85.8% up 6.9% from a year ago, with an average fare of US$152.12, up 17.5% over last year.

N256NV, Allegiant Air Airbus A320 @KPVU. Photo: Michael Rodeback /Airways

CEO Comments

"I am happy to report we delivered strong financial results during the first quarter," stated John Redmond, CEO of Allegiant Travel Company. "The team worked tirelessly to ensure operational integrity, and our controllable completion of 99.9 per cent for the quarter is a testament to their efforts. Running a safe, reliable operation is a critical component to our success, and I could not be prouder of the team's performance."

Redmond said that demand remained strong throughout the quarter and that the airline is closely monitoring macroeconomic trends. But no change in booking behavior or peak leisure demand has been noted.

The Allways rewards credit card helped elevate the airline's numbers with a record 46,000 cardholder acquisitions and increased cardholder spend during the quarter. Also, enhanced technology, an expanded roll-out of Allegiant Extra (extra legroom) in the fleet, and the October opening of Sunseeker Resort, the airline's all-in-one destination in Punta Gorda, Florida, should help future revenue.

The airline also notes that it was recently named to the Forbes' America's Best Midsize Employers for 2023, Newsweek's America's Greatest Workplaces for Diversity 2023, and Fortune's America's Most Innovative Companies 2023 lists.

A Boeing 737-7 and 737-8-200 (Boeing Photo)

Fleet

Allegiant currently operates an all-Airbus fleet made up of the A319 and A320. However, in January 2022, it moved away from the European manufacturer and placed an order with Boeing for 50 737 MAX family airliners, with options for 50 more. It expects to take delivery of the first of three examples later this year.

https://airwaysmag.com/allegiant-seven-new-routes/

As of the end of Q1, Allegiant's Fleet consisted of 124 All-Airbus aircraft with more on the way