Allegiant Travel Reports Q1 Revenue of $732.4M, Exceeding Expectations
Reports Q1 revenue $732.4M, consensus $716.41M. Reports Q1 System capacity down 5.9% year-over-year and available seat miles per gallon of fuel of 86.7, up 1.2% year-over-year. "We had a great start to the year, delivering another quarter of strong operational and financial results," stated Gregory Anderson, CEO of Allegiant Travel Company. "Customer service continues to be a top priority, and I'm pleased to report the team once again achieved a controllable completion rate exceeding 99.9%. We know that when we operate well, we perform well, and that is evidenced by our first-quarter adjusted operating margin of 14.9 percent, which marked more than a five-point improvement year-over-year and the highest first quarter level since COVID. We believe it will be the highest among U.S. airlines. Q1 demand was exceptional, particularly during peak periods, driving more than a 16 percent year-over-year increase in TRASM, with total yields up over 20 percent year-over-year. That performance allowed us to set an all-time quarterly record despite a 5.9% year-over-year reduction in capacity. We are pleased to see our commercial initiatives taking hold and contributing to our results, including an 8.9 percent increase in co-brand remuneration compared to the prior year."