Allegiant Travel Company's stock price soared 6.85% during intraday trading on Friday, following the release of its first-quarter financial results.

The airline reported adjusted earnings of $3.77 per diluted share for Q1, significantly higher than the $2.11 reported a year ago and surpassing the FactSet analyst consensus estimate of $3.43. Operating revenue for the quarter reached $732.4 million, up from $699.1 million a year earlier and beating the expected $711 million.

The better-than-expected performance on both top and bottom lines appears to have driven positive investor sentiment, leading to the sharp price increase. For the current second quarter, the company provided guidance ranging from an adjusted per-share loss of $1 to breakeven, while analysts had anticipated a profit of $0.06 per share.