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Allegiant (ALGT) Posts Impressive October Traffic Statistics

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Allegiant Travel Company (ALGT - Free Report) reported impressive traffic figures for October. Traffic for scheduled service, measured in revenue passenger miles (RPMs), inched up 2.2% on a year-over-year basis to 944.54 million. Scheduled capacity, calculated in available seat miles (ASMs), also increased 1.7% to 1.14 billion in the month.

With traffic growth exceeding capacity expansion, load factor (percentage of seats filled with passengers) improved 30 basis points (bps) year over year to 83.1%.

The number of departures for scheduled service climbed 3.7%. However, average stage length (average distance flown per aircraft departure) dipped 2.2% to 838 miles in the month.

Allegiant’s passenger count for scheduled service rose 4.5% in October. The same for total system (including scheduled service and fixed fee contract) ascended 5.2%. Additionally, total system ASMs increased 4% year over year in October. The company's system-wide average fuel cost per gallon was $2.19 in the month compared with $2.11 in September. Allegiant expects fuel cost per gallon of $2.15 for 2019.

Zacks Rank & Other Key Picks

Allegiant carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the same space are Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS - Free Report) , Hawaiian Holdings, Inc. (HA - Free Report) and United Airlines Holdings Inc (UAL - Free Report) . While Controladora Vuela sports a Zacks Rank#1 (Strong Buy), Hawaiian Holdings and United Airlines carry the same Zacks Rank as Allegiant. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Controladora Vuela, Hawaiian Holdings and United Airlines have rallied more than 100%, 12% and 10%, respectively, so far this year.

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