Published Wednesday, April 15, 2009 | 6:57 a.m.
Updated Wednesday, April 15, 2009 | 10:40 a.m.
Sun Archives
- Profit up for Las Vegas-based Allegiant (1-27-2009)
Beyond the Sun
The high-flying stock of Allegiant Travel Co. of Las Vegas was in the spotlight again today after the airline company said its first-quarter profit exceeded expectations.
The owner of Allegiant Air LLC on Tuesday disclosed its earnings will be in the range of $1.34 to $1.38 per share. That compares to $1.20 per share forecast by analysts surveyed by Thomson Reuters.
Investors didn't appear to be impressed with today's announcement -- the stock closed down 70 cents at $52.46.
Allegiant stock has been heavily traded the past few weeks as investors have taken notice of its success story focusing on its business plan of flying vacationers from small towns to big resort destinations such as Las Vegas, Los Angeles, Orlando, Tampa and Phoenix.
On April 2 its stock traded at about $45, and by Tuesday it had climbed to $53.16.
On April 2, Allegiant reported it carried more passengers in March. It said that overall, it carried 548,520 passengers in March, up 18.5 percent from March 2008. It filled 88.9 percent of its seats, up 2.1 percentage points. For scheduled service its load factor was 92.3 percent, up from 90.8 percent in the year-ago month.
Allegiant on Tuesday also said it will hold its first quarter earnings conference call on April 20, one day prior to the previous date of April 21, to eliminate a potential schedule conflict.
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