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Owner of Facebook and Instagram plans to spend up to US$10B on AI infrastructure investments

Allegiant's (ALGT) April Traffic Reflects Coronavirus Woes

Zacks Equity Research
·2 min read

Allegiant Travel Company (ALGT) reported weak traffic numbers for the month of April, primarily due to lackluster air travel demand stemming from the COVID-19 outbreak. Traffic for scheduled service, measured in revenue passenger miles (RPMs), decreased 97% on a year-over-year basis to 35.18 million. Scheduled capacity, calculated in available seat miles (ASMs), also fell 87.2% to 182.5 million in the month.

Since the decline in traffic exceeded capacity reduction, load factor (percentage of seats filled with passengers) plunged 6170 basis points year over year to 19.3%.

The number of departures for scheduled service declined 88.3% on a year-over-year basis. However, average stage length (average distance flown per aircraft departure) climbed 4.4% to 934 miles in the same month. For the total system (including scheduled service and fixed fee contract), number of departures decreased 87.7%, while the average stage length increased 2.6%.

Zacks Rank & Key Picks

Allegiant Travel carries a Zacks Rank #3 (Hold).

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The Zacks Consensus Estimate for Nordic American Tankers’ current-year earnings has been revised upward by 36.9% in the past 60 days.

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