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Allegiant (ALGT) Posts Unimpressive May Traffic Figures
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Allegiant Travel Company (ALGT - Free Report) reported disappointing traffic numbers for the month of May.
Scheduled traffic (measured in revenue passenger miles) dropped 3% from May 2022 levels. Capacity (measured in available seat miles) for scheduled service also decreased 2.2% from May 2022 reading.
With the traffic plunge outweighing capacity contraction, the load factor (percentage of seats filled by passengers) in May dropped 0.7 points to 85.9% from the year-ago period’s levels. For the total system (including scheduled service and fixed fee contract), Allegiant carried 3.3% less passengers in May 2023 from the year-ago period’s level.
Total departures (scheduled services) fell 3% in May 2023 from its year-ago levels. However, its average stage length (miles) increased 0.6%.
Allegiant is witnessing a fall in fuel cost per gallon on a month-over-month basis. Fuel price per gallon in May is estimated to have been $2.58 compared with $2.84 in April.
Zacks Rank & Other Stocks to Consider
Allegiant currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks for investors interested in the Zacks Transportation sector are Copa Holdings, S.A. (CPA - Free Report) and Triton International Limited .
Copa Holdings, which presently flaunts a Zacks Rank #1, is aided by improved air-travel demand. We are encouraged by the company’s initiatives to modernize its fleet. CPA's focus on its cargo segment is also impressive. You can see the complete list of today’s Zacks #1 Rank stocks here.
For second-quarter and full-year 2023, CPA’s earnings are expected to register 765.6% and 75.4% growth, respectively, on a year-over-year basis.
Triton, which currently carries a Zacks Rank #2 (Buy), is benefiting from its consistent efforts to reward shareholders through dividends and share repurchases.
Triton has an impressive liquidity position. TRTN’s current ratio (a measure of liquidity) was 3.97 at the end of first-quarter 2023. A current ratio of more than 1 often indicates that the company will be easily paying off its short-term obligations.
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Allegiant (ALGT) Posts Unimpressive May Traffic Figures
Allegiant Travel Company (ALGT - Free Report) reported disappointing traffic numbers for the month of May.
Scheduled traffic (measured in revenue passenger miles) dropped 3% from May 2022 levels. Capacity (measured in available seat miles) for scheduled service also decreased 2.2% from May 2022 reading.
With the traffic plunge outweighing capacity contraction, the load factor (percentage of seats filled by passengers) in May dropped 0.7 points to 85.9% from the year-ago period’s levels. For the total system (including scheduled service and fixed fee contract), Allegiant carried 3.3% less passengers in May 2023 from the year-ago period’s level.
Total departures (scheduled services) fell 3% in May 2023 from its year-ago levels. However, its average stage length (miles) increased 0.6%.
Allegiant is witnessing a fall in fuel cost per gallon on a month-over-month basis. Fuel price per gallon in May is estimated to have been $2.58 compared with $2.84 in April.
Zacks Rank & Other Stocks to Consider
Allegiant currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks for investors interested in the Zacks Transportation sector are Copa Holdings, S.A. (CPA - Free Report) and Triton International Limited .
Copa Holdings, which presently flaunts a Zacks Rank #1, is aided by improved air-travel demand. We are encouraged by the company’s initiatives to modernize its fleet. CPA's focus on its cargo segment is also impressive. You can see the complete list of today’s Zacks #1 Rank stocks here.
For second-quarter and full-year 2023, CPA’s earnings are expected to register 765.6% and 75.4% growth, respectively, on a year-over-year basis.
Triton, which currently carries a Zacks Rank #2 (Buy), is benefiting from its consistent efforts to reward shareholders through dividends and share repurchases.
Triton has an impressive liquidity position. TRTN’s current ratio (a measure of liquidity) was 3.97 at the end of first-quarter 2023. A current ratio of more than 1 often indicates that the company will be easily paying off its short-term obligations.