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Allegiant (ALGT) Posts Unimpressive July Traffic Figures
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Allegiant Travel Company (ALGT - Free Report) reported disappointing traffic numbers for the month of July.
Scheduled traffic (measured in revenue passenger miles) was kept flat from July 2022 levels. Capacity (measured in available seat miles) for scheduled service decreased marginally from July 2022 reading. The load factor (percentage of seats filled by passengers) in July grew 0.7 points to 91.2% from the year-ago period’s levels.
For the total system (including scheduled service and fixed fee contract), Allegiant carried 0.1% more passengers in July 2023 from the year-ago period’s level.
Total departures (scheduled services) improved 3.2% in July 2023 from its year-ago levels. However, its average stage length (miles) fell 4%.
Allegiant is witnessing a fall in fuel cost per gallon on a month-over-month basis. Fuel price per gallon in July is estimated to have been $2.77 compared with $2.64 in June.
Zacks Rank & Stocks to Consider
Allegiant currently curry a Zacks Rank #3 (Hold).
Some better-ranked stocks for investors interested in the Zacks Transportation sector are GATX Corporation (GATX - Free Report) and Triton International Limited .
For third-quarter and full-year 2023, GATX’s earnings are expected to register 36.6% and 14.3% growth, respectively, on a year-over-year basis.
Triton, which currently carries a Zacks Rank #2, is benefiting from its consistent efforts to reward shareholders through dividends and share repurchases.
Triton has an impressive liquidity position. Its current ratio (a measure of liquidity) was 3.83 at the end of second-quarter 2023. A current ratio of more than 1 often indicates that the company will be easily paying off its short-term obligations.
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Allegiant (ALGT) Posts Unimpressive July Traffic Figures
Allegiant Travel Company (ALGT - Free Report) reported disappointing traffic numbers for the month of July.
Scheduled traffic (measured in revenue passenger miles) was kept flat from July 2022 levels. Capacity (measured in available seat miles) for scheduled service decreased marginally from July 2022 reading. The load factor (percentage of seats filled by passengers) in July grew 0.7 points to 91.2% from the year-ago period’s levels.
For the total system (including scheduled service and fixed fee contract), Allegiant carried 0.1% more passengers in July 2023 from the year-ago period’s level.
Total departures (scheduled services) improved 3.2% in July 2023 from its year-ago levels. However, its average stage length (miles) fell 4%.
Allegiant is witnessing a fall in fuel cost per gallon on a month-over-month basis. Fuel price per gallon in July is estimated to have been $2.77 compared with $2.64 in June.
Zacks Rank & Stocks to Consider
Allegiant currently curry a Zacks Rank #3 (Hold).
Some better-ranked stocks for investors interested in the Zacks Transportation sector are GATX Corporation (GATX - Free Report) and Triton International Limited .
(GATX - Free Report) , which presently carries a Zacks Rank #2 (Buy), has strengthened its railcar leasing operations. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
For third-quarter and full-year 2023, GATX’s earnings are expected to register 36.6% and 14.3% growth, respectively, on a year-over-year basis.
Triton, which currently carries a Zacks Rank #2, is benefiting from its consistent efforts to reward shareholders through dividends and share repurchases.
Triton has an impressive liquidity position. Its current ratio (a measure of liquidity) was 3.83 at the end of second-quarter 2023. A current ratio of more than 1 often indicates that the company will be easily paying off its short-term obligations.