Allegiant (ALGT) Posts Unimpressive January Traffic Numbers
Allegiant Travel Company ALGT reported disappointing traffic numbers for January 2024.
Scheduled traffic (measured in revenue passenger miles) fell 2.3% from January 2023 levels. Capacity (measured in available seat miles) for scheduled service improved 0.6% from January 2023 reading. The load factor (percentage of seats filled by passengers) in January 2024 was 80.7%.
Total departures (scheduled services) fell 0.8% in January 2024 from its year-ago levels. However, its average stage length (miles) improved 0.8%.
For the total system (including scheduled service and fixed fee contract), Allegiant carried 2% less passengers in January 2024 from the year-ago period.
Fuel price per gallon in January is estimated to have been $2.88.
Zacks Rank and Stocks to Consider
ALGT currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Zacks Transportation sector are GATXCorporation GATX, SkyWest, Inc. SKYW and Copa Holdings, S.A. CPA. Each stock presently carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
GATX has an encouraging track record with respect to earnings surprise, having surpassed the Zacks Consensus Estimate in three of the last four quarters (missing the mark in the remaining one). The average beat is 16.47%.
The Zacks Consensus Estimate for 2024 earnings has been revised 6.1% upward over the past 90 days. GATX has an expected earnings growth rate of 3.68% for 2024. Shares of GATX have gained 13.9% in the past year.
SkyWest's fleet-modernization efforts are commendable. The Zacks Consensus Estimate for SKYW’s 2024 earnings has improved 11.1% over the past 90 days. Shares of SKYW have surged 222.2% in the past year.
SKYW has an expected earnings growth rate of more than 100% for 2024. SKYW delivered a trailing four-quarter earnings surprise of 128.02%, on average.
CPA has an encouraging track record with respect to earnings surprise, having surpassed the Zacks Consensus Estimate in three of the last four quarters (missing the mark in the remaining one). The average beat is 18.02%.
The Zacks Consensus Estimate for CPA’s 2024 earnings has been revised 7.1% upward over the past 90 days. Shares of CPA have gained 7.2% in the past year.
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Copa Holdings, S.A. (CPA) : Free Stock Analysis Report
Allegiant Travel Company (ALGT) : Free Stock Analysis Report
SkyWest, Inc. (SKYW) : Free Stock Analysis Report
GATX Corporation (GATX) : Free Stock Analysis Report
