Demand strength persisted throughout the quarter resulting in TRASM increases of over 15% Y/Y, on capacity growth above 13%, compared with 2019.
For June, TRASM was up ~20%, year over three-year.
"July TRASM is currently trending in line with June yielding similar year over three-year percentage increases. In addition, we expect July's load factor to come in slightly higher than June's result of 90 percent," said Drew Wells, senior vice president.
"Our fuel cost per gallon was $4.32, slightly above our previous guidance. This increase in fuel price coupled with a slight reduction in fuel efficiency from the first quarter, attributable to a more than eight-point increase in load factor, resulted in roughly $9 million in incremental fuel expense for the quarter. Based on the above results, we expect some earnings per share, excluding the 2022 employee recognition bonus, of roughly $0.62 for the second quarter," stated Gregory Anderson, executive vice president and chief financial officer.
The load factor for June was 89.9%, compared to 85.9% in Jun 2019 and 77.7 in June 2021.
Scheduled services ASM for June was increased by 9.7% from 2019 and declined by 3.6% from 2021.
Total System ASM for June increased 8.7% from 2019 and declined by 3.4% from 2021.
Price Action: ALGT shares are trading lower by 18.53% at $95.01 during the post-market session on Monday.
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