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Canadian Pacific Kansas City Limited (CP) - free report >>
Allegiant Travel Company (ALGT) - free report >>
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Canadian Pacific Kansas City Limited (CP) - free report >>
Allegiant Travel Company (ALGT) - free report >>
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Allegiant (ALGT) Posts Bland July Traffic, Load Factor Tanks
Allegiant Travel Company (ALGT - Free Report) reported dull traffic numbers for July, primarily due to weak air travel demand stemming from the COVID-19 pandemic. Traffic for scheduled service, measured in revenue passenger miles (RPMs), plunged 48.2% on a year-over-year basis to 768.7 million. Scheduled capacity, calculated in available seat miles (ASMs), fell 9.8% to 1516.8 million in the month.
Since the decline in traffic exceeded capacity reduction, load factor (percentage of seats filled with passengers) plunged 3750 basis points year over year to 50.7%. Moreover, number of passengers carried by Allegiant declined 48.6% year over year to 894.7 million.
Number of departures for scheduled service declined 12.4% on a year-over-year basis. However, average stage length (average distance flown per aircraft departure) moved up 1.1% to 843 miles in the same month. For the total system (including scheduled service and fixed fee contract), number of departures fell 13.2%, while the average stage length inched up 0.6% to 838 miles.
Allegiant Travel Company Price
Allegiant Travel Company price | Allegiant Travel Company Quote
Zacks Ranks & Key Picks
Allegiant currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the Zacks Transportation sector are Canadian Pacific Railway Limited (CP - Free Report) , Landstar System, Inc. (LSTR - Free Report) and TFI International Inc. (TFII - Free Report) . All the stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings (three to five years) growth rate for Canadian Pacific, Landstar and TFI International is estimated at 8%, 12% and 5.7%, respectively.
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