- Allegiant Travel Company ALGT shares are gaining Wednesday following its Street-beating first-quarter performance.
- ALGT reported first-quarter FY23 revenue growth of 29.9% year-over-year to $649.7 million, beating the consensus of $628.81 million.
- Q1 operating income jumped to $94.8 million from $7.2 million in 1Q22. Operating expenses increased by 12.6% Y/Y to $554.9 million.
- Adjusted EPS improved to $3.04, from a loss per share of $(0.44), beating the consensus of $2.30.
- The airline operating margin expanded to 15% for the quarter from 2% in the prior year.
- Consolidated EBITDA was $149.5 million (+179.4% Y/Y), yielding an EBITDA margin of 23%, and Airline-only EBITDA was $152.2 million (+169.4% Y/Y), a 23.4% margin.
- Total passengers increased by 11.1% Y/Y, ASMs +1.2% and reported TRASM of 13.89 cents, up 28.8% Y/Y.
- The total average fare was $154.12, up 17.5% Y/Y, and the total average ancillary fare of $75.19, up 10. 7% Y/Y. Average fuel cost per gallon $3.42 (+11.4% Y/Y)
- ALGT's available liquidity on March 31, 2023, was $1.5 billion, with $1.1 billion in cash and investments and $412.2 million in undrawn revolving credit and PDP facilities.
- Also Read: This Allegiant Travel Analyst Is Bearish Ahead Of Q1 Results As Booking Volumes Soften
- Allegiant reported $215.4 million in cash from operations for the quarter.
- The company repurchased 118K shares at an average share price of $100.33 during the quarter.
- "The industry continues to experience challenges from supply chain delays to ATC constraints that present the most stress during peak, high demand periods. We are positioning our forward plan to achieve a full-year, controllable completion of at least 99.5 percent," commented John Redmond, CEO.
- FY23 Outlook: Allegiant Travel raised its EPS Airline only guidance To $9.00-$13.00 from the prior $5.00 - $9.00 and expects a loss per share – Sunseeker of $(1.25).
- It sees a fuel cost per gallon of $3.00 (prior $3.60).
- Price Action: ALGT shares are trading higher by 14% at $111.23 on the last check Wednesday.
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