U.S. Markets close in 1 hr 40 mins

Allegiant Travel posts higher first-quarter profit

April 23 (Reuters) - Allegiant Travel Co, a low-cost carrier that serves leisure destinations, posted a higher quarterly profit on Wednesday as average fares rose.

Net income rose to $34.2 million, or $1.86 a share, from $31.9 million, or $1.65 a share, a year earlier.

Operating revenue rose 10.8 percent to $302.5 million.

(Reporting by Karen Jacobs in Atlanta; Editing by Steve Orlofsky)