Nov 7 (Reuters) - Allegiant Air's ALGT.O pilots have voted in favor of authorizing a strike action if the carrier fails to reach a fair agreement, the Teamsters union said on Thursday.

The union, which represents 1,300 pilots of the low-cost U.S. carrier, said 97.4% of the Allegiant Air pilots voted for authorizing a strike.

"Allegiant pilots are some of the most overworked and underpaid in the airline industry," the union said in a statement, adding that they are seeking industry-standard compensation and improvements to scheduling.

Teamsters said the union and Allegiant are currently in mediation sessions conducted by the federal National Mediation Board $(NMB)$.

Allegiant Air did not immediately respond to a Reuters request for comment.

With a market capitalization of $1.3 billion, the Nevada-based airline reported a fall in third-quarter revenues to $562.2 million, from $565.4 million a year earlier.

Last year, Allegiant Air ratified a two-year extension of a contract agreement, with Teamsters union representing 683 workers, including line and heavy maintenance technicians as well as store employees and some administrative maintenance staff.

(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Rashmi Aich)

((Gnaneshwar.Rajan@thomsonreuters.com;))