Allegiant (ALGT) – October YoY Comps Are Strong

AllegiantAirLogoAllegiant Air (ALGT) came with impressive numbers for October. The load factors were slightly down but we saw healthy increases in most areas as compared to 2008. Allegiant has one of the best load factors in the industry as they manage flight loads well.

Yet, we also looked deeper and saw that there is a rising number of non-paying passengers that are making up this load factor. That can be caused by a variety of factors including frequent fliers and crew transfers. It can also be caused by giveaways to fill up planes and goose load factors. But, for now, we will assume that is is the former.

PR Newswire: Allegiant Reports October 2009 Traffic

LAS VEGAS, Nov. 3 /PRNewswire-FirstCall/ — Allegiant Air, LLC, a wholly-owned subsidiary of Allegiant Travel Company (Nasdaq: ALGT), today reported preliminary passenger traffic results for October 2009.

Scheduled Service

–                                                                                         Oct. 2009             Oct. 2008       Change
Passengers                                                   319,980         243,715           31.3%
Revenue passenger miles (000)       296,334                 217,330           36.4%
Available seat miles (000)                       330,902                 238,305                 38.9%
Load factor                                               89.6%                       91.2%             – 1.6 %
Departures                                             2,433                     1,825                       33.3%
Average stage length (miles)             907                 874                           3.8%

Total System*

–                                                                                                                           Oct. 2009                         Oct. 2008             Change
Passengers                                                                                     359,084                                   278,497             28.9%
Revenue passenger miles (000)             325,088                                       248,037                         31.1%
Available seat miles (000)                               381,156                       284,122                             34.2%
Load factor                                                     85.3%                           87.3%                       -2.0 %
Departures                                                                                           3,079                                                   2,351                   31.0%
Average stage length (miles)                 832                               816                                       2.0%

*Total system includes scheduled service, fixed fee contract and non-revenue flying.

Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.

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