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.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>