Allegiant Travel reports February total system passengers up 0.3% at 1.25M

Reports February available seat miles, ASM, up 2.2% at 1.46M and Scheduled Service load factor 84.0% vs. 85.4% last year. “First quarter demand continued the trend of outperformance during peak weeks offset by a normalized off-peak demand profile,” stated Drew Wells, CEO. “Unitized revenue during the last two weeks of March exceeded prior year, highlighting continued demand strength. First quarter TRASM will come in slightly lower than initial expectations, up roughly .5 percent sequentially from the fourth quarter of 2023. This is predominantly due to a slightly weaker than expected lead up to the Spring Break period. While we communicated the shift of Spring Breaks to the back half of the month, results were softer than we anticipated in those few lead up weeks. Second quarter capacity considers this normalization with April capacity down 10 percent year over year, accounting for the Easter shift forward. Additionally, June aircraft utilization is currently on par with 2018 levels to optimize capacity during our seasonally strong summer peaks. Early bookings into June, coupled with peak demand trends observed during the first quarter, suggest continued demand strength into peak summer travel periods.”