Allegiant Clocks 42.9% Y/Y Growth In September Capacity

Allegiant Travel Company ALGT September 2021 total system passengers increased 3.7% to 829,029, versus September 2019. Total system passengers improved 71.5% Y/Y, while Available seat miles improved 42.9% and Departures rose 42.2%.
Scheduled service traffic grew 7.8% vs. September 2019 and +70% vs. September 2020. Scheduled service capacity increased 26.0% vs. September 2019 and rose 38.5% Y/Y.
September's scheduled service load factor was 70.5%, down 11.9% from September 2019 and up 13.1% Y/Y.
For Q3, total system passengers improved 92.1% Y/Y, Capacity rose 26.1%, and Departures increased 25.8%. Versus 3Q19, total system passengers rose 1.7%, Capacity were up 14.2%, and Departures rose 10.7%.
"We expect total revenue to be up roughly 5.3 percent when compared with 2019, just above our updated guidance of up three to five percent. Revenue strength was driven primarily by better than expected bookings during the back half of September," commented EVP and CFO Gregory Anderson.
The company also updated third-quarter adjusted EBITDA margin guidance to 15.5%-16.5%, citing higher than anticipated irregular operations costs. The company noted adjusted EBITDA margin would have been roughly 24%, excluding heightened levels of irregular operations costs.
Allegiant Travel also announced that Castlelake, L.P., provided a loan to its subsidiary Sunseeker. The loan will be used to fund the construction of Sunseeker Resort Charlotte Harbor, which resumed in August of this year.
Price Action: ALGT shares traded higher by 1.79% at $193.89 on the last check Thursday.

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