Allegiant Travel (NASDAQ: ALGT) closed out 2022 with its highest revenue ever -- eclipsing its previous annual revenue record by 25%. While 2022 proved to be a challenging year for the ultra-low-cost carrier, Allegiant's low fares and nonstop flights remained in high demand.

Taking Allegiant's recent performance and future outlook into account, here's why I think this airline stock could really take off over the long term. 

Fourth-quarter operating revenue came in at $612 million, a 23% increase over the same period in 2021 and a 33% increase over the same period in pre-pandemic 2019. During the Q4 earnings call, CFO Robert Neal cited "the sustained strong demand environment" as a major catalyst, along with operational improvements and more favorable fuel costs.

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Source Fool.com