11:05 AM EDT, 09/20/2024 (MT Newswires) -- Allegiant Travel ( ALGT ) was gaining 4% in mid-morning trade Friday after the air carrier pared its projected Q3 net loss outlook following an uptick for some of its travel metrics in recent weeks.

Allegiant said it now anticipates a $2.25 to 1.75 per share loss for the current quarter ending Sept. 30 compared with its prior guidance looking for a Q3 net loss of between $3.50 to $2.50 per share, with both fuel and non-fuel costs rising less than originally forecast.

Allegiant also pared the projected decline in its Q3 revenue, saying it now expects a 5.5% decline in Q3 revenue compared with year-ago levels when it reported $565.4 million in revenue.

The company previously forecast a 7.5% year-over-year drop in Q3 revenue but said customer demand has steadily improved, with total revenue per available seat now expected "to flip positive" during the second half of September. Preliminary bookings for the upcoming holiday season also were showing signs of strength, it said.

Analysts polled by Capital IQ have been expecting the company to report a $2.99 per share loss on a GAAP basis for Q3. The analyst consensus also has Allegiant generating around $549.6 million in quarterly revenue, suggesting a 2.8% year-over-year decline for the quarter.

Allegiant also said the number of total system passengers in August rose 1.8% year-over-year to 1.34 million. Available seat miles in August rose 3% to around 1.44 billion miles system-wide amid a 3.7% rise in departures over prior-year levels to 9,553 flights.

Price: 44.79, Change: +1.73, Percent Change: +4.02