(Reuters) - Allegiant Air's pilots have voted in favor of authorizing a strike action if the carrier fails to reach a fair agreement, the Teamsters union said on Thursday.

The union, which represents 1,300 pilots of the low-cost U.S. carrier, said 97.4% of the Allegiant Air pilots voted for authorizing a strike.

"Allegiant pilots are some of the most overworked and underpaid in the airline industry," the union said in a statement, adding that they are seeking industry-standard compensation and improvements to scheduling.

Teamsters said the union and Allegiant are currently in mediation sessions conducted by the federal National Mediation Board (NMB).

Allegiant Air did not immediately respond to a Reuters request for comment.

With a market capitalization of $1.3 billion, the Nevada-based airline reported a fall in third-quarter revenues to $562.2 million, from $565.4 million a year earlier.

Last year, Allegiant Air ratified a two-year extension of a contract agreement, with Teamsters union representing 683 workers, including line and heavy maintenance technicians as well as store employees and some administrative maintenance staff.