Allegiant To Set Up $50M Worth North Carolina Operational Base

By Zacks Investment ResearchStock MarketsMar 08, 2020 10:14PM ET

www.investing.com/analysis/allegiant-to-set-up-50m-worth-north-carolina-operational-base-200514512

Allegiant To Set Up $50M Worth North Carolina Operational Base

By Zacks Investment Research | Mar 08, 2020 10:14PM ET

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Allegiant Travel Company (NASDAQ:ALGT) intends to invest $50 million in establishing a new base at Concord, NC. The company aims to immediately start hiring pilots, flight attendants, mechanics and ground personnel to facilitate operations at the new base, which are expected to begin Oct 7, 2020.

Notably, the commencement of operations is likely to generate at least 66 high-wage jobs. Moreover, two Airbus aircraft will be housed at the new base. We note that the Concord-Padgett Regional Airport will become the 21^st aircraft base for the carrier. The decision to set up a base at Concord is a prudent move as the city, apart from being a popular tourist destination, is home to a large and diversified population.

The Concord-Padgett Regional Airport has attracted more than 1 million passengers since its inception including 353,000 in 2019. Notably, Allegiant Travel is being aided by impressive growth in overall passenger revenues, which increased 9.7% in 2019.

Passenger revenues apart, low fuel costs are supporting bottom-line growth. The company expects fuel cost per gallon to be $2.15 for the full year, indicating an improvement from the 2019 reported figure of $2.18. Low fuel costs are in fact not only favorable for Allegiant but also its fellow airline players.

Evidently, fuel costs declined 5%, 6.7% and 7.5% in 2019 at other low-cost carriers, namely, Southwest Airlines (NYSE:LUV) , JetBlue Airways (NASDAQ:JBLU) and Spirit Airlines (NYSE:SAVE) , respectively.

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Southwest Airlines Co. (LUV): Free Stock Analysis Report

JetBlue Airways Corporation (JBLU): Free Stock Analysis Report

Allegiant Travel Company (ALGT): Free Stock Analysis Report

Spirit Airlines, Inc. (SAVE): Free Stock Analysis Report

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Zacks Investment Research

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Allegiant To Set Up $50M Worth North Carolina Operational Base

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