Reflecting the recovery in air-travel demand from the pandemic lows, Allegiant Travel Company (ALGT - Free Report) posted highly impressive traffic numbers for October 2022. ALGT carried 1.25 million passengers in the month, up 12.9% from the October 2019 actuals (pre-COVID period).
Revenue passenger miles (a measure of traffic) and available seat miles (a measure of capacity) increased 20.3% and 17%, respectively, from October 2019. Load factor (% of seats filled by passengers) increased 2.4 points to 85.5% in October 2022, as the traffic increase was more than the capacity expansion.
In October 2022, Allegiant carried 7.3% more passengers (system-wide) than in October 2021. Capacity contracted 2.4% from the year-ago comparable month’s reading. With respect to scheduled service, 7.4% more passengers boarded ALGT flights in October 2022 than in the year-ago period. Revenue passenger miles increased 12% from October 2021 levels. Available seat miles contracted 2.2% from October 2021 reading. Load factor increased 10.8 points to 85.5% in October 2022 as the traffic increased while capacity contracted. Average fuel cost per gallon (estimated) in October 2022 was $3.91 per gallon.
Driven by the buoyant air-travel demand scenario, Allegiant’s shares have increased 16% over the past month, outperforming its industry’s 7.5% growth.
Zacks Rank & Key Picks
Allegiant currently carries a Zacks Rank #4 (Sell).
In the broader Zacks Transportation sector, investors may consider some better-ranked stocks like Covenant Logistics (CVLG - Free Report) and Ryder System (R - Free Report) .
Covenant Logistics offers a portfolio of transportation and logistics services, including asset-based expedited, dedicated and irregular route truckload capacity, besides asset-light warehousing, transportation management and freight brokerage capability.
The gradually improving freight market scenario is a tailwind to Covenant. CVLG’s cost-control efforts are appreciated as well. CVLG currently sports a Zacks Rank #1 (Strong Buy). The stock has witnessed the Zacks Consensus Estimate for 2022 earnings being revised 10.1% upward over the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Miami, FL-based Ryder provides integrated logistics and transportation solutions. With improved economic and freight market conditions, R is benefiting from higher rental revenues owing to strong demand and favorable pricing. R’s acquisitions of Whiplash and Midwest Warehouse & Distribution System expand its e-commerce fulfillment network and boost multi-client warehousing capabilities. The transactions are expected to drive growth in the supply-chain solutions segment.
Ryder currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for R’s 2022 earnings has been revised 7% upward in the past 60 days.
Where Will Stocks Go…
If Biden Wins? If Trump Wins?
The answers may surprise you.
Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…
1. Medical manufacturer has gained +11,000% in the last 15 years.
2. Rental company is absolutely crushing its sector.
3. Energy powerhouse plans to grow its already large dividend by 25%.
4. Aerospace and defense standout just landed a potentially $80 billion contract.
5. Giant Chipmaker is building huge plants in the U.S.
Hurry, Download Special Report FREE >>
Reflecting the recovery in air-travel demand from the pandemic lows, Allegiant Travel Company (ALGT - Free Report) posted highly impressive traffic numbers for October 2022. ALGT carried 1.25 million passengers in the month, up 12.9% from the October 2019 actuals (pre-COVID period).
Revenue passenger miles (a measure of traffic) and available seat miles (a measure of capacity) increased 20.3% and 17%, respectively, from October 2019. Load factor (% of seats filled by passengers) increased 2.4 points to 85.5% in October 2022, as the traffic increase was more than the capacity expansion.
In October 2022, Allegiant carried 7.3% more passengers (system-wide) than in October 2021. Capacity contracted 2.4% from the year-ago comparable month’s reading. With respect to scheduled service, 7.4% more passengers boarded ALGT flights in October 2022 than in the year-ago period. Revenue passenger miles increased 12% from October 2021 levels. Available seat miles contracted 2.2% from October 2021 reading. Load factor increased 10.8 points to 85.5% in October 2022 as the traffic increased while capacity contracted. Average fuel cost per gallon (estimated) in October 2022 was $3.91 per gallon.
Driven by the buoyant air-travel demand scenario, Allegiant’s shares have increased 16% over the past month, outperforming its industry’s 7.5% growth.
Zacks Rank & Key Picks
Allegiant currently carries a Zacks Rank #4 (Sell).
In the broader Zacks Transportation sector, investors may consider some better-ranked stocks like Covenant Logistics (CVLG - Free Report) and Ryder System (R - Free Report) .
Covenant Logistics offers a portfolio of transportation and logistics services, including asset-based expedited, dedicated and irregular route truckload capacity, besides asset-light warehousing, transportation management and freight brokerage capability.
The gradually improving freight market scenario is a tailwind to Covenant. CVLG’s cost-control efforts are appreciated as well. CVLG currently sports a Zacks Rank #1 (Strong Buy). The stock has witnessed the Zacks Consensus Estimate for 2022 earnings being revised 10.1% upward over the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Miami, FL-based Ryder provides integrated logistics and transportation solutions. With improved economic and freight market conditions, R is benefiting from higher rental revenues owing to strong demand and favorable pricing. R’s acquisitions of Whiplash and Midwest Warehouse & Distribution System expand its e-commerce fulfillment network and boost multi-client warehousing capabilities. The transactions are expected to drive growth in the supply-chain solutions segment.
Ryder currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for R’s 2022 earnings has been revised 7% upward in the past 60 days.
Where Will Stocks Go…
If Biden Wins? If Trump Wins?
The answers may surprise you.
Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…
1. Medical manufacturer has gained +11,000% in the last 15 years.
2. Rental company is absolutely crushing its sector.
3. Energy powerhouse plans to grow its already large dividend by 25%.
4. Aerospace and defense standout just landed a potentially $80 billion contract.
5. Giant Chipmaker is building huge plants in the U.S.
Hurry, Download Special Report FREE >>
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