(Reuters) – Allegiant Travel Co, a low-cost airline that flies cheaply to destinations all over the world beats its fourth-quarter revenues and profits on Wednesday. The company also stated that leisure travel bookings had begun to rebound heading into the summer.

The sector is growing in confidence that travelers will return, despite the occasional restrictions imposed by COVID-19’s Omicron version.

“Despite Omicron’s variant, forward reservations are strong for the upcoming peak leisure travel times,” Chief Executive Officer Maurice Gallagher stated in a statement. He also added that spring break bookings were particularly strong.

Omicron’s spread had previously hampered Allegiant’s operations. But Gallagher indicated that this will soon improve and all should be able to travel at peak times in March.

He stated, “Case numbers have started to recede. Thus the worst should now be behind us.”

American Airlines (NASDAQ;) and United Airlines both stated that there was a possibility of a significant increase in passenger traffic during March.

Allegiant’s fourth quarter revenue surpassed analysts’ estimate of $482.3 Million, which was higher than the average analyst estimate. Refinitiv IBES data shows that Allegiant had doubled its revenues to $496.9million.

In the three-months ended December 31, net income was $10.7 million or 59c per share. This compares to a loss in 2012 of $28.8million or $1.79 per shares.

The earnings of the company, which excludes items, were $1.18/share, exceeding expectations of $1.17.

After-market trade saw a 1% increase in shares of low-cost carriers from the United States.