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Allegiant Travel (ALGT) Q1 Earnings Beat Estimates, Down Y/Y
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Allegiant Travel Company (ALGT - Free Report) reported first-quarter 2020 earnings (excluding $4.13 from non-recurring items) of $2.05 per share, which surpassed the Zacks Consensus Estimate of 58 cents per share. However, the bottom line fell 48.5% year over year due to lower revenues stemming from falling demand for air travel. Quarterly revenues came in at $409.2 million, which beat the Zacks Consensus Estimate of $408.3 million. However, the top line declined 9.39% year over year on the back of a 9.8% fall in passenger revenues.
Notably, quarterly earnings (airline operations adjusted for tax) fell to $1.89 per share.
Quarter in Details
Air traffic (measured in revenue passenger miles or RPMs) for scheduled service fell 8.3% in the quarter under review. Capacity (measured in available seat miles or ASMs) increased 4.3% year over year. Load factor (percentage of seats filled by passengers) was 73.8%, down 1010 basis points as capacity expanded while traffic declined.
Allegiant Travel Company Price, Consensus and EPS Surprise
Airline operating cost per available seat miles (CASM) excluding fuel rose 1.7% year over year. Average fuel cost per gallon (scheduled) declined 12.2% to $1.87 in the quarter. Moreover, total scheduled service passenger revenue per available seat miles (TRASM) fell 13.4% to 9.96 cents.
Furthermore, the board of directors of this Zacks Rank #3(Hold) company has suspended all share repurchase and dividends payouts due to the uncertain economic conditions stemming from the pandemic.
Like Allegiant Travel, there are a few companies in the Zacks Transportation sector like Werner Enterprises, Inc. (WERN - Free Report) , Union Pacific Corporation (UNP - Free Report) and Canadian Pacific Railway Limited (CP - Free Report) that have surpassed earnings estimates in first-quarter 2020.
Werner Enterprises reported first-quarter 2020 earnings per share (excluding 7 cents from non-recurring items) of 40 cents, which surpassed the Zacks Consensus Estimate of 35 cents. However, the bottom line declined 23.1% year over year.
Union Pacific’s first-quarter 2020 earnings of $2.15 per share surpassed the Zacks Consensus Estimate of $1.86. Moreover, the bottom line increased 11.4% on a year-over-year basis.
Canadian Pacific’s first-quarter 2020 earnings (excluding $1.08 from non-recurring items) of $3.3 (C$4.42) per share surpassed the Zacks Consensus Estimate of $2.86. Quarterly earnings surged more than 55% year over year.
All the stocks carry a Zacks Rank #3.
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Allegiant Travel (ALGT) Q1 Earnings Beat Estimates, Down Y/Y
Allegiant Travel Company (ALGT - Free Report) reported first-quarter 2020 earnings (excluding $4.13 from non-recurring items) of $2.05 per share, which surpassed the Zacks Consensus Estimate of 58 cents per share. However, the bottom line fell 48.5% year over year due to lower revenues stemming from falling demand for air travel. Quarterly revenues came in at $409.2 million, which beat the Zacks Consensus Estimate of $408.3 million. However, the top line declined 9.39% year over year on the back of a 9.8% fall in passenger revenues.
Notably, quarterly earnings (airline operations adjusted for tax) fell to $1.89 per share.
Quarter in Details
Air traffic (measured in revenue passenger miles or RPMs) for scheduled service fell 8.3% in the quarter under review. Capacity (measured in available seat miles or ASMs) increased 4.3% year over year. Load factor (percentage of seats filled by passengers) was 73.8%, down 1010 basis points as capacity expanded while traffic declined.
Allegiant Travel Company Price, Consensus and EPS Surprise
Allegiant Travel Company price-consensus-eps-surprise-chart | Allegiant Travel Company Quote
Airline operating cost per available seat miles (CASM) excluding fuel rose 1.7% year over year. Average fuel cost per gallon (scheduled) declined 12.2% to $1.87 in the quarter. Moreover, total scheduled service passenger revenue per available seat miles (TRASM) fell 13.4% to 9.96 cents.
Furthermore, the board of directors of this Zacks Rank #3(Hold) company has suspended all share repurchase and dividends payouts due to the uncertain economic conditions stemming from the pandemic.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Sectorial Snapshot
Like Allegiant Travel, there are a few companies in the Zacks Transportation sector like Werner Enterprises, Inc. (WERN - Free Report) , Union Pacific Corporation (UNP - Free Report) and Canadian Pacific Railway Limited (CP - Free Report) that have surpassed earnings estimates in first-quarter 2020.
Werner Enterprises reported first-quarter 2020 earnings per share (excluding 7 cents from non-recurring items) of 40 cents, which surpassed the Zacks Consensus Estimate of 35 cents. However, the bottom line declined 23.1% year over year.
Union Pacific’s first-quarter 2020 earnings of $2.15 per share surpassed the Zacks Consensus Estimate of $1.86. Moreover, the bottom line increased 11.4% on a year-over-year basis.
Canadian Pacific’s first-quarter 2020 earnings (excluding $1.08 from non-recurring items) of $3.3 (C$4.42) per share surpassed the Zacks Consensus Estimate of $2.86. Quarterly earnings surged more than 55% year over year.
All the stocks carry a Zacks Rank #3.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>