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Sep 30, 2021
Allegiant Q3 2021 Earnings Report
Reported GAAP diluted earnings per share of $2.18 and total operating revenue was up 5.3 percent year over two-year.
Key Takeaways
Allegiant Travel Company reported a net income of $39.3 million, with a diluted earnings per share of $2.18. Total operating revenue reached $459.5 million, marking a 5.3% increase compared to the third quarter of 2019. The company experienced strong demand during the peak summer travel period, although a slowdown occurred due to the delta variant spike. Despite operational challenges, Allegiant's balance sheet remains strong with total liquidity of $1.1 billion.
GAAP diluted earnings per share of $2.18.
Adjusted diluted earnings per share of $0.66.
Total operating revenue was $459.5 million, up 5.3 percent when compared with the third quarter of 2019.
Yield remained strong throughout the quarter down only 5.9 percent year over two-year on scheduled service capacity increases of 17.0 percent.
Revenue by Segment
Forward Guidance
The company expects fourth quarter capacity to be up 12 percent from 2019. At a minimum, growth will mirror our historical low, double-digit rate. However, if fuel continues to increase, we will moderate capacity accordingly. Uncertainty around the labor market is another growth factor we are watching.
Positive Outlook
- System ASMs - year over two-year change 10.0 to 14.0%
- Scheduled Service ASMs - year over two-year change 12.0 to 16.0%
- Total operating revenue - year over two-year change 0.5% to 4.0%
- Airline CAPEX Aircraft, engines and induction costs (millions) $115 to $125
- Capitalized deferred heavy maintenance (millions) $50 to $60
Challenges Ahead
- Fuel cost per gallon 2.55
- Other airline capital expenditures (millions) $60 to $70
- Sunseeker Resorts Project 2021 project spend (millions) $50 to $55
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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