Allegiant Air parent’s stock drops 8 percent ahead of '60 Minutes' investigation

Investors in Allegiant Air's parent company Allegiant Travel Co. may be getting anxious ahead of an upcoming 60 Minutes report on the airline's safety. Allegiant stock was trading at $152.20 per share, down $13.05 or just under 8 percent as of about 11 a.m. Friday. Pictured is an Allegiant Air plane in 2016. | [Douglas Clifford | Times, 2016]
Investors in Allegiant Air's parent company Allegiant Travel Co. may be getting anxious ahead of an upcoming 60 Minutes report on the airline's safety. Allegiant stock was trading at $152.20 per share, down $13.05 or just under 8 percent as of about 11 a.m. Friday. Pictured is an Allegiant Air plane in 2016. | [Douglas Clifford | Times, 2016]
Published April 13
Updated April 13

ST. PETERSBURG — Investors in Allegiant Air’s parent company Allegiant Travel Co. may be getting anxious ahead of an upcoming 60 Minutes report on the airline’s safety. Allegiant stock had fallen nearly 8 percent as of 11 a.m. Friday, trading at $152.20 per share, down $13.05.

The report is expected to be an in-depth look at Allegiant’s safety record in recent years, drawing in part from a Tampa Bay Times investigation in 2016. The Times examined the Las Vegas-based budget airline’s safety record for 2015, finding that Allegiant made emergency landings at four times the rate of other U.S. airlines.

Related coverage: Investigation: Breakdown at 30,000 feet

Allegiant’s aging fleet of MD-80s — which had an average age of 22 years old — were a major factor, as they require significant maintenance. The Times also found the aircrafts failed at double the rate that American Airlines planes failed, and triple the rate that Delta planes failed.

Even when maintenance was done on a particular system on a plane, the Times investigation found, the same systems would fail later.

Allegiant recently replaced its entire fleet of aircraft at the St. Pete-Clearwater International Airport with Airbus models. It is the main carrier at the St. Pete-Clearwater airport.

Related coverage: Allegiant Airlines replaces aging fleet at St. Pete-Clearwater airport

Contact this reporter at [email protected] or (727) 892-2249. Follow @malenacarollo.

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