Budget airline Allegiant cuts profit outlook on rising costs

LAS VEGAS (AP) — Shares of Allegiant Air’s parent company are falling after the company cut its prediction for second-quarter profit. Allegiant Travel Co. said after the market closed Monday that it expects to report earnings of 62 cents per share. That’s far below the $1.36 per share that analysts were expecting. Allegiant is hitting the same headwinds facing bigger airlines — costs have jumped for jet fuel and other expenses. The travel rebound is even making Allegiant planes guzzle more jet fuel. The airline is blaming full flights, which make planes heavier, for some of the increase in its fuel spending.