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Canadian Pacific Kansas City Limited (CP) - free report >>
Allegiant Travel Company (ALGT) - free report >>
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Canadian Pacific Kansas City Limited (CP) - free report >>
Allegiant Travel Company (ALGT) - free report >>
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Coronavirus Woes Hurt Allegiants' (ALGT) June Traffic Results
Allegiant Travel Company (ALGT - Free Report) reported bland traffic numbers for June, primarily due to weak air travel demand stemming from the COVID-19 pandemic. Traffic for scheduled service, measured in revenue passenger miles (RPMs), plunged 45% on a year-over-year basis to 745.6 million. Scheduled capacity, calculated in available seat miles (ASMs), fell 17.5% to 1301.5 million in the month.
Since the decline in traffic exceeded capacity reduction, load factor (percentage of seats filled with passengers) plunged 2860 basis points year over year to 57.3%. Moreover, number of passengers carried by Allegiant declined 45.6% year over year to 867.2 million.
Number of departures for scheduled service declined 20% on a year-over-year basis. However, average stage length (average distance flown per aircraft departure) moved up 2.2% to 846 miles in the same month. For the total system (including scheduled service and fixed fee contract), number of departures fell 20.7%, while the average stage length inched up 1.5% to 839 miles.
Allegiant Travel Company Price
Allegiant Travel Company price | Allegiant Travel Company Quote
Zacks Ranks & Key Picks
Allegiant currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the Zacks Transportation sector are Canadian Pacific Railway Limited (CP - Free Report) , TFI International (TFII - Free Report) and Werner Enterprises, Inc. (WERN - Free Report) . All the stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Long-term earnings (three to five years) growth rate for Canadian Pacific, TFI International and Werner is estimated at 7.5%, 4.1% and 2.8%, respectively.
These Stocks Are Poised to Soar Past the Pandemic
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Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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