Allegiant (ALGT) Posts Unimpressive May Traffic Numbers
Allegiant Travel Company ALGT recently reported disappointing traffic numbers for May 2024.
Scheduled traffic (measured in revenue passenger miles) fell 0.6% from the May 2023 levels. Capacity (measured in available seat miles) for scheduled service improved 0.7% from the May 2023 reading. The load factor (percentage of seats filled by passengers) in May 2024 declined to 84.8% from 85.9% a year ago as the traffic did not surpass the capacity expansion.
Total departures (scheduled services) improved 1.3% in May 2024 from a year ago. However, its average stage length (miles) fell 0.2%.
For the total system (including scheduled service and fixed fee contract), Allegiant carried 0.8% more passengers in May 2024 from the year-ago level. System-wide capacity expanded 0.7% in May 2024 on a year-over-year basis.
The fuel price per gallon in May 2024 is estimated to have been $2.81.
ALGT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Apart from ALGT, other airline companies who have reported traffic numbers for May 2024 are as follows.
Copa Holdings, S.A. CPA reported solid traffic numbers for May 2024 on the back of upbeat air-travel demand. Driven by high passenger volumes, revenue passenger miles (a measure of traffic) rose in double digits in May on a year-over-year basis. To match the demand swell, CPA is increasing its capacity. In May, available seat miles (a measure of capacity) increased 7.2% year over year. Revenue passenger miles increased 8.7%. With traffic growth outpacing capacity expansion, the load factor (percentage of seats filled by passengers) improved to 87.3% from 86.1% in May 2023.
Ryanair Holdings RYAAY, a European carrier, also reported solid traffic numbers for May 2024, driven by upbeat air-travel demand.
The number of passengers transported on Ryanair flights was 18.9 million in May 2024, indicating an 11% year-over-year increase. RYAAY’s traffic in May was much more than the April reading of 17.3 million and the March reading of 13.6 million. May load factor improved to 95% from 94% in the year-ago period. Notably, RYAAY operated more than 105,000 flights in May 2024.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Ryanair Holdings PLC (RYAAY): Free Stock Analysis Report
Copa Holdings, S.A. (CPA): Free Stock Analysis Report
Allegiant Travel Company (ALGT): Free Stock Analysis Report
